Saudi Arabia is committed to commencing the initial public offering (IPO) of the Saudi Arabian Oil Co, better known as Saudi Aramco, under “the proper circumstances,” the kingdom’s crown prince, Mohammed bin Salman, told Asharq Al-Awsat newspaper on Sunday.
The share sale of Aramco, the world’s most profitable company and the largest crude producer, is expected to be between 2020 and early 2021, he added.The location of the IPO has not been determined yet, Bin Salman pointed out, noting that several preliminary measures for the offering have been completed.
In April, Aramco raised $12 billion in its first-ever international bond issue.
The Saudi oil giant’s bond sale, with maturities ranging from three to 30 years, had received more than $100 billion in orders.
Meanwhile, the crown prince affirmed that “the kingdom does not seek war in the region but will not hesitate in dealing with any threats towards [its] people, sovereignty, unity, and vital interests.”