Saudi oil giant Aramco has confirmed the hot news from yesterday that it’s looking into a potential IPO. Its latest statement brings few new details, however.
The company says it’s looking into potentially listing “an appropriate percentage” its its shares, “and/or listing a bundle of its downstream subsidiaries.”
From the statement:
Once the study of these various options is complete, the findings will be presented to the Company’s Board of Directors which will make its recommendations to the Saudi Aramco Supreme Council.
This proposal is consistent with the broad and progressive direction pursued by the Kingdom for reforms, including privatization in various sectors of the Saudi economy and deregulation of markets, which the Company strongly supports.
Saudi Aramco would like to emphasize that this process will strengthen the Company’s focus on its long term vision of becoming the world’s leading energy and chemical enterprise. This includes prudently managing the Kingdom’s hydrocarbon resources, adding value across the value chain, reliably meeting its customers’ demand, and meeting its stakeholder and environmental commitments.