Saudi Aramco can be put for privatization in 2018

Oil&Gas Materials 7 December 2016 20:17 (UTC +04:00)

Ankara, Turkey, Dec. 7

By Atilla Caner – Trend:

Saudi Arabian Oil Company (Saudi Aramco), the world's largest oil exporter, can be put up for privatization in 2018, Majed Bin Abdullah Al Kassabi, the Saudi minister of commerce and investment, told Anadolu Dec. 7.

Privatization of the company will be carried out as part of the plan to realize economic reforms in the country, according to the minister.

He also noted that preparatory work will be launched starting from 2017 as part of Saudi Aramco privatization.

The country’s authorities are planning to hold an initial public offering (IPO) of Saudi Aramco. The Saudi government has chosen JP Morgan Chase & Co. and Michael Klein, the former Citigroup Inc. investment banker, to carry out the IPO.

It is not yet decided where the listing of shares will be held, but a number of large exchanges already vie for holding the Saudi Aramco IPO.

Saudi Aramco, headquartered in Dhahran, was established in 1933.