Saudis say Aramco IPO 'on track' as all options open for listing

(Dec 20): Saudi Aramco’s IPO is moving ahead and all options are open on where to list shares of the giant oil producer, the country’s finance minister said.

The Saudi Arabian Oil Co., the world’s top crude exporter known as Aramco, is “on track” for plans to list shares on the local bourse Tadawul and possibly on foreign exchanges, Finance Minister Mohammed Al-Jadaan said in an interview Tuesday in Riyadh. The state-owned company has previously said the initial public offering is scheduled for next year.

London and New York exchanges are vying for a role in Aramco’s offering, along with Hong Kong, Singapore, Tokyo and Toronto. The head of the local Tadawul stock exchange opened the door to a Saudi-only listing in an interview. Khalid Al Hussan said the Tadawul had the “aspiration” to handle the listing alone. Scenarios of a private share placement or a local listing for Aramco do not achieve the goals initially set by the Saudi authorities, Igor Sechin, chief executive officer for Rosneft PJSC, said in October.

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