Saudi Aramco: Ministry wants IPO fast-tracked

ABU DHABI: Saudi Arabia’s newly appointed energy minister, Prince Abdulaziz bin Salman, said on Monday that the country is aiming for an initial public offering of its national oil giant Saudi Aramco “as soon as possible.”

He was speaking for the first time since his appointment earlier this week, replacing Khalid al-Falih, at an energy conference in Abu Dhabi. Aramco is preparing to sell up to a 5% stake by 2020-2021, in what could be the world’s biggest IPO.

The company is meeting banks pitching for roles on the deal this week, and is expected to appoint advisers in the coming days, two sources told Reuters earlier on Monday.

The IPO is a centrepiece of Saudi Arabia’s economic transformation drive to attract foreign investment and diversify away from oil.

Published in The Express Tribune, September 10^th, 2019.

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