World's largest oil company will not be sold
Saudi oil state corporation Saudi Aramco may postpone the initial public offering (IPO) until 2019. This is on Monday, March 12, reports the newspaper The Financial Times, citing sources.
Most likely, the IPO will be held on the London Stock Exchange, the interlocutors of the newspaper noted. Saudi Aramco declined information about postponement of IPO terms, the newspaper said.
In October last year, the Crown Prince of Saudi Arabia, Mohammed bin Salman Al Saud, confirmed that the IPO of the national state corporation will be held in the second half of 2018.
IPO of Saudi Aramco, in which it is planned to sell five percent of the company's shares, may become one of the largest in the world. As a result, the authorities of the kingdom expect to raise up to $ 100 billion by placing on the basis of the total value of the company at about two trillion dollars. Funds from the IPO are planned to be channeled to the sovereign fund of the country, which will distribute them in such a way as to reduce the country's dependence on the oil sector.
The Saudi Arabian Oil Company or Saudi Aramco is the national oil company of Saudi Arabia, which has close ties with the royal family of the country.