The initial public offering (IPO) of state-owned oil giant Saudi Aramco will be launched “very soon”, chairman Yasir Al-Rumayyan said today on the sidelines of the Saudi-Russian Forum held in Riyadh. 

 

“I believe Saudi Aramco IPO announcement is due very soon. Our plans are on the right track,” he said.   

 

Plans to float up to 5 percent of the giant oil producer were initiated three years ago, he noted, nevertheless it was delayed as the company agreed to buy a 70 percent stake in Saudi Basic Industries Corp (SABIC) from the Public Investment Fund (PIF).

 

Al-Rumayyan added that Saudi Aramco reached a deal to buy SABIC’s majority stake, and is currently completing the required paperwork. 

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