Oil company would prefer Tokyo to London and Hong Kong

Saudi Aramco views Tokyo – instead of favorites like London and Hong Kong – as an international destination for listing its shares, the Wall Street Journal reported on Thursday.

The listing of the Saudi oil giant's shares will take place in two stages: an IPO on the Saudi market at the end of the year, followed by an international listing in 2020 or 2021, the newspaper quoted advisors and planners.

Aramco's IPO, when it takes place, is expected to be the largest in the world.

The company's goal was to raise $ 100 billion by selling 5% of its share in government procurement, but the final amount will not be clear, according to the report.

Numerous stock exchanges around the world have asked Aramco to list themselves in their markets, with London and Hong Kong widely considered the pioneers of the market. But the political uncertainties that the two cities are facing – Brexit, the imminent departure of the United Kingdom from the European Union, as well as protracted protests in Hong Kong – have diminished their attractiveness, the report said.

Nevertheless, Saudi officials and Aramco advisers told the Journal that, although they are leaning towards Tokyo, no final decision has been made and all options remain on the table.

CNBC asked Aramco to comment on the newspaper but did not get an immediate response. The company told the newspaper that it "continues to dialogue with the shareholder on IPO preparation activities". He added that he "is ready and that the timing will depend on the market conditions and will be chosen at a time chosen by the shareholder".

A spokesman for Japan Exchange Group, which heads the Tokyo Stock Exchange, told CNBC that the company had not changed its position, wanting Aramco to be listed in its market.

For the full report on Aramco's IPOs, see the Wall Street Journal.