Saudi Aramco CEO says 2018 will be right time for IPO

Saudi Aramco feels “comfortable” that by 2018 oil prices would have recovered and the market conditions would be right for what could be the world’s largest public listing (IPO), its chief executive Amin Nasser said Tuesday.

Speaking at the World Energy Congress in Istanbul, Nasser said that all markets were still being considered for the initial public offering (IPO) of up to 5 percent of Aramco. He also said the company plans to invest $300 billion over the next decade, with the focus on gas.

Saudi’s Deputy Crown Prince, Mohammed bin Salman, unveiled ambitious plans earlier this year aimed at ending the country’s “addiction” to oil and transforming it into a global investment power. The listing of less than 5 percent of state-run Aramco is a centerpiece of that effort.

Source: Reuters