Riyadh: Saudi Arabia’s state-owned oil giant Aramco is finalising proposals for its partial privatisation and will present them to its Supreme Council soon, its chief executive said about the centrepiece of the kingdom’s efforts to overhaul its economy.
The company has a huge team working on the options for the initial public offering (IPO) of less than five per cent of its value, which include a single domestic listing and a dual listing with a foreign market, CEO Amin Nasser said.
They will be presented “soon” to Aramco’s Supreme Council, headed by Deputy Crown Prince Mohammed bin Salman, who is leading an economic reform drive to address falling oil revenue and sharp fiscal deficits by boosting the private sector, ending government waste and diversifying the economy.
Nasser stressed that even after the listing, the Saudi government would retain sole control over Aramco’s oil and gas output levels.
He also said Aramco was seeking to expand globally via joint ventures in Asia and North America.
“We are looking at the current market status that, even though challenging, is an excellent opportunity for growth,” Nasser said, adding that he was looking at opportunities in the US, India, Indonesia, Vietnam and China.
Last month, Prince Mohammed said he expected the IPO would value Aramco at at least $2 trillion, but that he thought the figure might end up being higher.
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