Saudi Aramco says in final stages of preparing IPO options

DHAHRAN Saudi Aramco is in the final stages of preparing options for its initial public offer of shares before presenting the options soon to its Supreme Council for consideration, chief executive Amin Nasser said on Tuesday.Aramco has a huge team working on the options, which include a share listing in Saudi Arabia, a dual listing with a foreign market, and listings in more than two places, Nasser told reporters.The Supreme Council overseeing the national oil giant is headed by Deputy Crown Prince Mohammed bin Salman, who is spearheading the kingdom’s economic reform drive and has said a stake of up to 5 percent of the company will be sold.

Nasser said the company’s reporting and procedures were aligned with the best in the industry and it would share more information with the public as required for an IPO.

Addressing media speculation, he said Aramco was not talking to Exxon, BP or Sinopec about them buying a stake in Aramco through the listing.

(Reporting by Rania El Ganal; Writing by Andrew Torchia)


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