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Tue 21 Feb 2017 09:16 AM

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Saudi Arabia said to favour New York for Aramco IPO

Saudi officials expect the IPO to value Aramco at a minimum of $2 trillion

Saudi Arabia said to favour New York for Aramco IPO
Saudi Arabia is favouring New York to list state oil giant Saudi Aramco IPO, while also considering London and Toronto for the prospect of floating the firm, the Wall Street Journal reported on Monday.\n(Getty Images)

Saudi Arabia is favouring New York to list state oil giant Saudi Aramco IPO, while also considering London and Toronto for the prospect of floating the firm, the Wall Street Journal reported on Monday.

Saudi officials also talked to exchanges in Singapore, Hong Kong, Tokyo and Shanghai but are unlikely to pursue listing in those places, the newspaper said, citing people familiar with the matter.

The listing is the centrepiece of a Saudi Arabian government plan to transform the kingdom by enticing investment and diversifying the economy away from a reliance on oil.

Saudi officials expect the IPO to value Aramco at a minimum of $2 trillion (£1.61 trillion).

Saudi Arabian Oil Co, known as Saudi Aramco, was not immediately available for comment.

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