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Saudi Aramco Prepared for Foreign Float with Primary Local Listing

Saudi Aramco Prepared for Foreign Float with Primary Local Listing

Wednesday, 11 September, 2019 - 05:00
Amin Nasser, president and CEO of Saudi Arabian Oil Company, Saudi Aramco, speaks at the 24th World Energy Congress (WEC) in Abu Dhabi, United Arab Emirates September 10, 2019. REUTERS/Satish Kumar

Saudi Aramco is primed to float on international markets to complement a planned primary listing at home, the oil giant's chief executive Amin Nasser said on Tuesday.

Aramco's initial public offering (IPO) would happen "very soon", Nasser cited Saudi Arabia's new energy minister Prince Abdulaziz bin Salman as saying, adding that the final decision on the venue and timing rested with the government.

"We have always said that Aramco is ready whenever the shareholder makes a decision to list ... so we are prepared, that's the bottom line," Nasser told reporters, adding: "It is going to be the primary listing, to list locally, but we are ready also for listing outside in other jurisdictions."

Saudi Arabia now plans a gradual listing of the world's top oil producing company on its home market, sources familiar with the matter said.

Nasser welcomed the appointment this month of the head of the Kingdom's sovereign wealth fund PIF as Aramco's new chairman, Yasser al-Rumayyan, saying he brought "a lot of riches".

Rumayyan took over from former energy minister Khalid al-Falih in a move to separate Aramco from the ministry, a step Saudi officials have said was important to pave the way for the IPO.

Nasser spoke to reporters at the World Energy Congress in Abu Dhabi on Tuesday.

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