Saudi Aramco is restructuring its non-oil businesses into subsidiaries and possible spin-offs as it aims to streamline operations and achieve a higher valuation for its profitable core oil business ahead of the IPO, Reuters reported on Monday, citing industry and financial sources. Around six months ago, Saudi Aramco set up a new subsidiary to manage its multi-billion U.S. dollar pension fund unit, and the retirement fund is now managed by financial professionals in Dhahran, the city hosting the headquarters of the Saudi oil giant, sources familiar with the restructuring told Reuters. Other restructuring plans at Aramco—as it tries to give investors a clearer oil-only valuation picture ahead of the IPO—include potential spin-offs of the aviation division and the healthcare division by either forming joint ventures or bringing other companies to operate the aviation fleet, according to some of Reuters’ sources. Saudi Arabia has been using Aramco as a kind […]