Saudi Aramco is targeting 2018 for what could be the world’s largest initial public offering (IPO), the company president and CEO Amin Nasser said
Speaking at the World Energy Congress in Istanbul, Nasser said that the company expects oil prices and market conditions to improve in the coming years.
“We are optimistic that the market started to recover and we expect it to recover even more in 2017 and I think the time in 2018 will be almost right,” Nasser said. “When we talk about 2018 we feel comfortable to be able to meet all the requirements in the different markets if we decide to go to certain markets.”
He noted that all markets were still being considered for the IPO of up to five per cent of Aramco, though the exact size of the offering will be determined by the Saudi Supreme Council. The company plans to invest US$300bn over the next decade, with the focus on gas, he added.
Aramco has yet to finalise the location of the listing and is currently reviewing several markets including New York, London, Hong Kong and Japan.
The listing of less than five per cent of state-run Aramco is a central to the country’s effort to reduce its dependence on oil, unveiled earlier this year by Saudi's Deputy Crown Prince, Mohammed bin Salman.
