HONG KONG/RIYADH/DUBAI - China is creating a consortium, including State-owned oil giants and banks and its sovereign wealth fund, that will act as a cornerstone investor in the massive multibillion dollar initial public offering of Saudi Aramco, people with knowledge of the discussions said.

Saudi Aramco - a key exporter to China along with Russia's Rosneft - is due to list next year, with a potential $100 billion equity sale that is expected to be the world's biggest to date.

The planned Chinese investment makes it more likely that the national energy giant would seek a listing in Asia.