Saudi Aramco plans to sell shares in its entire business, not just its refining and distribution arms, it has been reported.
The Saudi Arabian government hopes to raise about $100 billion from an initial public offering (IPO) of the world’s biggest oil company.
In an interview with Bloomberg, CEO Amin Nasser reportedly said that the plan is to list shares in the entire company, not just parts of it as previously reported.
Nasser was quoted as saying Saudi Aramco will announce a list of investment banks and consultants advising on the IPO “very soon” – though he did not specify a date.
He said: “We need to do a lot of internal work to prepare for this listing. We are listing a part of the entire company, and not just ‘downstream’.”
Saudi Aramco plans to list shares on Saudi stock exchange the Tadawul and is also considering listing in New York, London and Hong Kong. The planned 5 percent stake sale could value the company at trillions of dollars.
Nasser reportedly told Bloomberg the company was on track with plans for the IPO. “There are no obstacles. It’s going very smoothly, and we are on target.
“We achieved a lot of progress so far. People have to appreciate the size of Aramco and its complexity.”
He added: “Our spending program is active and evolving. We are one of the few companies that are still investing. We will continue to invest in our core business. Our rigs are increasing, and our overall activities are increasing.”
The report said Saudi Aramco intends to double its total production capacity for natural gas from 12 billion cubic feet per day over the next decade.
Nasser was quoted as saying: “Gas is very important to fuel industries, especially in the petrochemical sector.”
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