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Saudi stock exchange will be 'primary listing' for Aramco IPO: Nasser

Abu Dhabi — Saudi Arabian Oil Co. is ready to sell shares to the public with the "primary listing" on the Saudi stock exchange, CEO Amin Nasser said Tuesday.

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Saudi Aramco, as the company is known, "is ready for the IPO," Nasser told reporters on the sidelines for the World Energy Congress taking place in Abu Dhabi.

A decision where to list shares overseas is up to the Saudi government, the company's owner, he said.

"The primary listing will be locally," he said, without elaborating.

When asked what oil price Aramco needs to make the IPO happen, he said: "We don't comment on prices."

Saudi Arabia's new energy minister, Prince Abdulaziz bin Salman, told reporters on Monday the listing will be "in the near future."

Crown Prince Mohammed bin Salman, the energy minister's half brother, has put an estimated value of $2 trillion for Aramco, with an IPO at $100 billion.

-- Dania Saadi, dania.el.saadi@spglobal

-- Herman Wang, herman.wang@spglobal.com

-- Edited by Claudia Carpenter, claudia.carpenter@spglobal.com