Saudi Aramco’s full IPO on track for 2018, says Al-Falih

Saudi Aramco is still aiming to complete procedures required for its planned dual listing on the Saudi stock market and an international exchange next year, oil minister Khalid Al-Falih told Bloomberg Tuesday.

"Yes of course; it is on track," Al-Falih said at a conference in London, when asked if both parts of the initial public offering (IPO) will happen in 2018.

The minister declined to comment on media reports about the interest shown by Chinese investors in buying a direct stake in the giant oil producer ahead of the share sale.

The international venue for the IPO will be announced “in due course”, he added.

Saudi Arabia plans to sell five percent of Aramco shares next year, in what is expected to be the world’s largest ever IPO. The Kingdom expects the state oil company to be valued at more than $2 trillion.