Reuters :
A plan to list Saudi Aramco in 2018 is on track, senior Saudi officials said in Moscow on Thursday, as Saudi Arabia gears up to sign a string of investment agreements with Russia.
The plan to float around 5 percent of Aramco in an initial public offering (IPO) is a centrepiece of Vision 2030, a wide-ranging reform plan to diversify the Saudi economy beyond oil which is being championed by Saudi Crown Prince Mohammad bin Salman.
“Work is ongoing to list Saudi Aramco in 2018,” Aramco’s Chief Executive Amin Nasser said at an energy forum in Moscow. “We will be looking at (evaluating) investors as we continue to make progress related to timing and location.”
Saudi Energy Minister Khalid al-Falih, who is also Aramco’s chairman, said on Thursday that the IPO would happen in the second half of 2018, adding that the listing would be used as a “catalyst” for the opening up of the Saudi economy.
The announcement about the company’s IPO will be made “in due course”, he said while taking part in a panel discussion of an energy forum in Moscow.
Prince Mohammad has said the IPO, which could be the world’s biggest, will value Aramco at a minimum of $2 trillion and could raise as much as $100 billion.
Money raised from the sale will be used to develop other sectors and industries in the country.
A view shows Saudi Aramco’s Wasit Gas Plant, Saudi Arabia, December 8, 2014. Picture taken December 8, 2014. Saudi Aramco handout via Reuters. A view shows Saudi Aramco’s Wasit Gas Plant, Saudi Arabia, December 8, 2014. Picture taken December 8, 2014. Saudi Aramco handout via Reuters. Aramco’s listing is planned on Saudi Arabia’s local stock market plus at least one overseas exchange. New York, London and Hong Kong are the main contenders.
Nasser said the Saudi government would decide on the listing venue and that there were no current talks with Russian companies on them taking part in the IPO.
A plan to list Saudi Aramco in 2018 is on track, senior Saudi officials said in Moscow on Thursday, as Saudi Arabia gears up to sign a string of investment agreements with Russia.
The plan to float around 5 percent of Aramco in an initial public offering (IPO) is a centrepiece of Vision 2030, a wide-ranging reform plan to diversify the Saudi economy beyond oil which is being championed by Saudi Crown Prince Mohammad bin Salman.
“Work is ongoing to list Saudi Aramco in 2018,” Aramco’s Chief Executive Amin Nasser said at an energy forum in Moscow. “We will be looking at (evaluating) investors as we continue to make progress related to timing and location.”
Saudi Energy Minister Khalid al-Falih, who is also Aramco’s chairman, said on Thursday that the IPO would happen in the second half of 2018, adding that the listing would be used as a “catalyst” for the opening up of the Saudi economy.
The announcement about the company’s IPO will be made “in due course”, he said while taking part in a panel discussion of an energy forum in Moscow.
Prince Mohammad has said the IPO, which could be the world’s biggest, will value Aramco at a minimum of $2 trillion and could raise as much as $100 billion.
Money raised from the sale will be used to develop other sectors and industries in the country.
A view shows Saudi Aramco’s Wasit Gas Plant, Saudi Arabia, December 8, 2014. Picture taken December 8, 2014. Saudi Aramco handout via Reuters. A view shows Saudi Aramco’s Wasit Gas Plant, Saudi Arabia, December 8, 2014. Picture taken December 8, 2014. Saudi Aramco handout via Reuters. Aramco’s listing is planned on Saudi Arabia’s local stock market plus at least one overseas exchange. New York, London and Hong Kong are the main contenders.
Nasser said the Saudi government would decide on the listing venue and that there were no current talks with Russian companies on them taking part in the IPO.
