Senior Saudi officials said the plan to list 5 percent of the Saudi Arabian Oil Co., or Aramco, in 2018 was on track, contradictory to previous reports that the country was preparing contingency plans for a possible delay, Reuters reported.
"Work is ongoing to list Saudi Aramco in 2018," Aramco CEO Amin Nasser said at an energy forum in Moscow, and the company's chairman and the country's energy minister, Khalid al-Falih, also reassured that the IPO would happen in the second half of 2018.
The announcement about the company's IPO, set to be the largest in history, will be made "in due course", the energy minister reportedly added.
The listing is part of a broad-based plan to diversify the Saudi economy beyond oil. The state-owned oil giant will list on the country's own stock exchange, along with at least one exchange overseas.
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