Saudi Aramco IPO on track for H2, says CEO

Amin Nasser says Saudi gov't has not yet made decision on the listing venue
Saudi Aramco IPO on track for H2, says CEO
Amin Nasser, Chief Executive of state oil company Saudi Aramco. (ERIC PIERMONT/AFP/Getty Images)
By Reuters
Thu 18 Jan 2018 03:56 PM

Saudi Aramco's Chief Executive Amin Nasser said on Thursday that the initial public offering (IPO) of the state oil giant is still planned for the second half of 2018, but the government has not yet made a decision on the listing venue.

"The company is ready for listing in 2018 when the decision is taken on the listing venue," Nasser told reporters at the company's headquarters.

"We want to see if there is going to be a listing in another market (in addition to the Saudi Tadawul). There is a committee that is formed that looks into it and whenever the decision is taken the company is ready to implement."

The sale of up to 5 percent of Saudi Aramco, is a centrepiece of Vision 2030, an ambitious reform plan to reduce the economy's dependence on oil.

Nasser said the plan remains to list the whole company rather than creating a subsidiary to IPO.

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