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Report: Saudi Arabia leans toward New York for Aramco IPO

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Report: Saudi Arabia leans toward New York for Aramco IPO

Saudi Arabia Crown Prince Mohammad bin Salman may pick the New York Stock Exchange LLC as the stage for Saudi Aramco's initial public offering due to the longstanding ties between his country and the U.S., Reuters reported, citing people familiar with the matter.

The crown prince may favor listing the state oil giant in New York for "political considerations," although the decision would also involve financial and commercial factors, the sources told the news agency.

Reuters reported July 27 that Saudi Aramco's advisers have recommended the London Stock Exchange Group Plc for the IPO, which is expected to be the biggest in history, with Saudi authorities concerned about stricter disclosure rules in the U.S.

Hong Kong is also a contender, the Reuters sources claimed, but Aramco said all options remain under consideration and that "there is no timetable requirement for an immediate definitive decision."

The sources also said there has been no decision on exactly which assets will be floated.