Saudi Aramco IPO Set for 2018, Says Oil Minister

Press release
Published October 19th, 2017 - 07:10 GMT
Saudi Oil Minister Khalid Al Falih
Saudi Oil Minister Khalid Al Falih

Saudi Arabia is still aiming to complete both international and domestic portions of the initial public offering of Aramco, in 2018, reported state news agency Wam, citing the Saudi Oil Minister Khalid Al Falih.

He was speaking on Tuesday in London on the sidelines of the Oil & Money conference.

Asked whether both the local and international parts of the IPO will happen in 2018, Al Falih said, "Yes of course. It is on track. We will announce the venue in due course."

The Saudi comments came after unnamed people familiar with the situation said last week that the Kingdom is considering delaying the international portion of the offering until at least 2019, stated the report citing Reuters.

The Saudi government has said the sale of 5 per cent of the shares could value the company at as much as $2 trillion. If Saudi Arabia achieves its valuation, the 5 per cent stake it plans to sell would raise about US$100 billion, which would eclipse the $25 billion raised by Alibaba Group in 2014.

The IPO is the centerpiece of a broad-ranging economic reform programme proposed by the Saudi Crown Prince Mohammed bin Salman.

London and New York exchanges are vying for a role in the Aramco IPO, with Hong Kong, Singapore, Tokyo and Toronto also trying to attract the sale.

Source: Trade Arabia

Background Information

Saudi Aramco

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