Saudi Aramco on track with IPO next year

Opec's largest producer carries on with its sell-off plans

Saudi Aramco denies reports that it may delay its IPO. Fayez Nureldine / AFP

Saudi Arabian Oil Company, known as Saudi Aramco, Opec's largest producer of oil intends to carry forward with plans for an initial public offering (IPO) set for 2018, the company said.

The IPO "remains on track" the company said in an e-mailed statement to The National. "The IPO process is well underway and Saudi Aramco remains focused on ensuring that all IPO related work is completed to the very highest standards on time."

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Bloomberg reported on Thursday that the country was preparing contingency plans for a possible few-months delay to the IPO, citing people familiar with the matter.

Earlier this month, the kingdom announced that it will amend its National Transformation Programme (NTP) to improve efficiency and effectiveness of delivery across institutions, according to the information ministry.

This called into question the impact on the Aramco sell-off, but the information ministry reiterated that the IPO was on track. The government has not said how much of the company it plans to sell, but Crown Prince Mohammed bin Salman has previously stated it would be as much as 5 per cent valued at $2 trillion.

Should that valuation be reached, this would be the world’s biggest IPO.