It's really back! Or at least really might be back.
Driving the news: This morning Bloomberg reports on concrete signs that Saudi Aramco is trying to move forward on its on-again, off-again, on-again plans for a mammoth IPO.
- "Saudi Aramco has picked Lazard Ltd. and Moelis & Co. to advise on the oil giant’s second attempt at the world’s largest initial public offering," they report, citing unnamed people with knowledge of the matter.
Why it matters: The listing of a slice of Aramco could be the largest IPO in history, and the proceeds are meant to help fund the kingdom's plans to diversify its crude-dominated economy.
But, but, but: All kinds of questions remain about the plans first announced in 2016, including the listing venue and Aramco's ability to hit anything close to their hoped-for $2 trillion valuation.
Meanwhile, Reuters has an interesting new piece this morning about how global warming could create hurdles for Saudi Aramco's plan to list 5% of the company, which the kingdom hopes will bring in up to $100 billion.
The big picture: "[S]ome investors and lawyers say the window to execute a sale at a juicy price is shrinking and Aramco will need to explain to prospective shareholders how it plans to profit in a lower-carbon world," they report.
The intrigue: The Saudis argue that their oil is well positioned even in an increasingly carbon-conscious world because their emissions per extracted barrel are lower than other big producers.
Go deeper: Saudi Arabia touts its crude oil CO2 edge