18:14 GMT +319 November 2019
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    Storage tanks are seen at the North Jiddah bulk plant, an Aramco oil facility, in Jiddah, Saudi Arabia

    Riyadh Might Green Light Saudi Aramco's IPO This Week - Reports

    © AP Photo / Amr Nabil
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    MOSCOW (Sputnik) - The initial public offering (IPO) of Saudi Aramco might be officially authorized by the government of Saudi Arabia as early as this week, media reported on Monday.

    According to The Financial Times, citing sources familiar with the matter, the domestic listing of Saudi Arabia can be signed off this week before it gets approved by the board and the company announces its plans to float on Sunday.

    Earlier in the day, Saudi Aramco board chairman Yasir al-Rumayyan said at the Russian-Saudi forum in Riyadh that Aramco might go IPO "very, very soon," "sooner than you think."

    Plans for Saudi Aramco’s IPO were first announced in 2016 as part of the kingdom’s Vision 2030 economic overhaul program but have been delayed a number of times. According to media reports, Riyadh expects the IPO to value the oil giant at some $2 trillion, which would allow the company to raise as much as $100 billion of a listing of just a 5 percent stake.


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