It appears that the IPO concept leaked last year may only apply to the Saudi energy giant’s international refining operations that are already joint ventures. That a government-run energy entity of this magnitude—estimated values range from $800 billion to $10 trillion—would even consider sales on the open market, however, is a stunner, compelling many to wonder why.

It’s a matter of economics—domestic economics, Ananth Chikkatur, manager, energy advisory & solutions for ICF International, told Midstream Business.