Mixed messages on Aramco IPO
RIYADH, August 23, 2018 – Saudi Arabia has halted the process for its partial public listing of shares in NOC Saudi Aramco and has dismissed advisers to the deal, international media reported on Wednesday.
A report from Reuters cited industry sources as saying the government had “some time ago” called off Aramco’s domestic and international stock listing. The sources said focus had been shifted to the company acquiring a stake in petrochemicals major Saudi Basic Industries Corporation, or SABIC.
However, Saudi energy minister Khalid Al Falih spoke out on Thursday to refute the report, saying the plan was still on.
“Timing will depend on multiple factors, including favourable market conditions and a downstream acquisition which the company will pursue in the next few months, as directed by its board of directors,” the minister said.