DHAHRAN, SAUDI ARABIA — Saudi Aramco has brought in Brunswick to support communications for its mammoth IPO, after earlier handing financial communications to FTI Consulting.

According to sources familiar with the situation, FTI will continue to handle investor relations while Brunswick will focus on external communications. Saudi Aramco initially considered proposals from FTI, Finsbury and Brunswick, as revealed by the Holmes Report earlier this year.

Saudi Arabia's national oil giant hopes to around 5% of the company next year, in an IPO that could raise as much as $100 billion. However, the communications challenges are likely to be complex.

The IPO is part of an ambitious effort by deputy crown prince Mohammed bin Salman to revamp Saudi Arabia's economy and reduce its dependency on oil. The country wants to use the IPO proceeds for a privatisation programme that it hopes will boost employment in non-oil industries.

Saudi Aramco manages the country's 266 billion barrels of oil reserves, which accounts for around 15% of total global supplies. There is considerable debate over the value of the company, and concerns about how interwoven its structure is with the government that controls it. 

Saudi Aramco did not respond to request for comment while FTI Consulting representatives declined to comment.

Saudi Aramco also hired FleishmanHillard earlier this year to handle its global PR remit.