Saudi Aramco has asked its advisers to suspend investor relations work

Oil giant Saudi Aramco, which has caused controversy in the City over its rumoured plan to list on the London Stock Exchange, has asked its investor relations advisors to suspend their work according to a report from Reuters.

Read more: City divided on Saudi Aramco: City of London Corporation backs FCA's new listing rules to help stock exchange lure oil giant

The Saudi Arabian state-owned company had employed FTI Consulting in relation to its planned £1.5bn initial public offering.

But a report citing unnamed sources that the firm had been called off the case has sparked speculation that Aramco may have given up on a listing outside its home market.

This was fuelled by a Reuters report from yesterday which claimed that China was interested in buying a five per cent stake directly.

Read more: Saudi Aramco refutes claims IPO to be shelved as the Investment Association objects to the bending of London listing rules

But a person with knowledge of the matter told City A.M. that the oil company was still exploring all options.

According to Reuters, one of the sources said Aramco might simply be looking to broaden the role of its current media adviser Brunswick into the investor relations field.

Brunswick and FTI Consulting declined to comment.

Read more:City watchdog met with Saudi Aramco before unveiling new London listing plans

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