Saudi Aramco’s preparations for its initial public offering (IPO) have stalled, the Wall Street Journal reported on Thursday, citing a senior Aramco executive.

 

"Everyone is almost certain it (IPO) is not going to happen," the source was quoted as saying.

 

The state-owned oil giant has been expanding its global footprint by signing downstream deals and boosting the capacity of its plants ahead of the eagerly awaited IPO.

 

The IPO is part of the Kingdom’s plan to open its economy.

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