Saudi crown prince approves Aramco IPO, announcement likely Sunday
Saudi Crown Prince Mohammed bin Salman finally gave the go-ahead for the initial public offering of Aramco, deciding there’s enough support from local investors for what’s likely to be a record share sale.
The crown prince made the decision at a meeting he chaired on Friday and an official announcement is likely as soon as Sunday, according to people familiar with the matter, who asked not to be named before an official statement.
The partial privatization will be a deal like few others and the biggest change to Saudi oil industry since the company was nationalized in the 1970s. Aramco, which pumps 10% of the world’s oil from giant fields beneath the kingdom’s barren deserts, is the most profitable company globally and the backbone of the kingdom’s economic and social stability.
