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The Saudi oil giant Aramco is ready to be listed on the international markets, along with its main listing on the Saudi stock market, said Aramco's managing director, Amin Nasser, on Tuesday, as the Kingdom has significantly accelerated the timing of the which would be the biggest IPO in the world. .
"This will be the main list, to list locally, but we are also ready to be listed externally, in other jurisdictions," Nasser told reporters on the sidelines of an event of the year. sector in Abu Dhabi, organized by Reuters.
The leader of the Saudi state oil company reiterated that it was up to the company's sole shareholder, the Kingdom of Saudi Arabia, to decide when the registration will take place.
According to Reuters sources, Aramco's board decided last month not to register in New York – the venue would have been preferred by Crown Prince Mohammed bin Salman – because it would involve too much risk for Saudi society. Rumors have it that London, Hong Kong and Tokyo are among the possible international venues for Aramco's listing, and major shifts in key power positions in the oil kingdom point to a decision in the very near future. Related: The biggest tech game of the year is taking place under the Wall Street radar
Last week, Saudi Arabia began accelerating Aramco's IPO. Khalid al-Falih has lost his role as Chairman of the Board of Aramco and Minister of Energy Kingdom. Abdulaziz bin Salman, son of the king and half-brother of Crown Prince Mohammed bin Salman, is the new energy minister and represents a new merger of power around the crown prince.
Helima Croft of RBC Capital Markets told CNBC last week that Saudi leaders want a quick and effective IPO, as well as people who are very supportive of the process.
The new Saudi energy minister, Abdulaziz bin Salman, said in his first public comments on Monday after replacing al-Falih that the Kingdom's aim was to make the IPO "as soon as possible".
Mr Nasser said on Tuesday that a list of the internal market would take place "very soon".
Saudi officials have approached some of Saudi Arabia's wealthiest families to allow them to become pivotal investors in the IPO, Bloomberg said earlier this week.
By Tsvetana Paraskova for Oilprice.com
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