The much awaited initial public offering (IPO) of state-owned oil giant Saudi Aramco will come “soon”, the Gulf kingdom’s energy minister announced here on Wednesday.
Aramco, which pumps about 10 per cent of the world’s crude oil, emerged as the world’s most profitable company in 2018.
Speaking at the high-profile Future Investment Initiative (FII) summit in Riyadh, the Saudi energy minister Prince Abdulaziz bin Salman said “the IPO will come soon”.
“It will come in the right time with the right approach and definitely with the right decision,” he told a gathering on the second day of the three-day summit, which is aimed at drawing foreign investors to help the Gulf kingdom diversify its oil-based economy.
