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Report: Saudi Aramco speeding up IPO to 2020

Saudi Arabian Oil Co. is accelerating the timeline for its IPO to as soon as early 2020, according to a report from The Wall Street Journal, citing unnamed sources.

The Journal said government officials moved up the schedule in hopes of capitalizing on the positive international reaction to the company's bond sale in April.

After shelving plans for an IPO in 2018, Saudi Aramco restarted preparations in July to push through the offering by 2021. Saudi Arabia plans to use the estimated $100 billion in net proceeds from the IPO for investments to modernize and diversify its economy and shift focus away from the upstream oil sector.