Saudi Aramco plans to sell shares in the entire business

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The world’s largest oil producer Saudi Arabian Oil Co., known as Saudi Aramco, is planning to sell shares in its entire business both in refining and distribution operations, Bloomberg informs Thursday citing Amin Nasser, CEO of Saudi Aramco.

Nasser explained that the oil giant will soon announce a list of investment banks and consultants advising it on the initial public offering (IPO). But it is still unknown when the list will be published. Most shares will probably be listed on the Saudi stock markets, but foreign bourses are also considered. Aramco plans to sell about 5 percent of its shares which is estimated in trillions of dollars.

“There are no obstacles for the IPO of Aramco,” Nasser said in an interview to Bloomberg. “It’s going very smoothly, and we are on target. We achieved a lot of progress so far. People have to appreciate the size of Aramco and its complexity.”

Saudis government, in its turn, plans to earn about $100 billion from the Aramco’s IPO. Pressed by lower crude prices, the kingdom is searching for new sources to generate revenue and reform the country’s economy.