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17 June, 2019 00:00 00 AM

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Saudi Arabia committed to Aramco IPO: Crown prince

AFP, Riyadh

Saudi Arabia remains committed to selling shares in national oil conglomerate Aramco through an initial public offering but only at the right time, Crown Prince Mohammed bin Salman has said.

“We are committed to the IPO of Saudi Aramco based on appropriate conditions and at the right time,” Prince Mohammed told the pan-Arab daily Asharq al-Awsat in an interview published yesterday.

He reiterated his earlier expectations that the IPO of Saudi Aramco “will take place in (late) 2020 or the start of 2021,” almost two years later than expected.

Saudi Arabia plans to sell up to five percent of the world’s largest energy firm and hopes to raise up to $100 billion.

Prince Mohammed said it was still premature to announce where the IPO will be held, adding that many requirements for the sale to go through had been successfully completed.

Riyadh has taken a number of key procedures in preparation for the IPO including issuing a law for hydrocarbons tax, appointing a new board for Aramco and allowing an independent auditing of the kingdom’s oil reserves, the crown prince said.

 

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Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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