Saudi Minister of Energy, Industry and Mineral Resources Khalid al-Falih revealed on Thursday that the planned share listing of state oil company Saudi Aramco may take place locally or internationally.
He told Reuters that the Kingdom may still move forward with the planned initial public offering (IPO) in the second half of 2018.
Saudi Arabia is planning to list up to 5 percent of Saudi Aramco in the offering. A successful IPO could give the company a total valuation of up to $2 trillion, making it the world’s biggest oil company by market capitalization.
“We have prepared all documentation to be ready to do both domestic and international listings,” Falih said. “We have not closed the door on 2018.”
He said the Kingdom needed to be sure “that the market is ready and is this an optimum time to execute.”
The minister said the company could be floated either domestically or internationally late this year.
New York is still in the running for the IPO, but Saudi officials still need to weigh the potential legal risks of a listing in the United States, he said.
