According to oil giant Saudi Aramco's chief executive Amin Nasser, an initial public offering (IPO) of the largest state-owned oil company will first take place in the domestic market. At the same time, Nasser pointed out that the corporation was also ready for an international offering.
The official cited Saudi Arabia's new Energy Minister Prince Abdulaziz bin Salman saying they intended to conduct an IPO of the oil giant as soon as possible. At the same time, Nasser added that the ultimate decision on the timing and venue remained with the government.
The country's authorities plan a gradual listing of Saudi Aramco's shares on its local stock exchange. This process is moving ahead and gradually gaining momentum. In addition, the oil corporation has made a major change in its leadership: Yasir Al-Rumayyan, the head of the kingdom's national wealth fund, has been appointed as Aramco's new chairman. Amin Nasser expects this placement to have a positive impact on the company's activities.
