Saudi Arabia's oil major Aramco is reportedly planning to list its much hyped initial public offering on the Saudi stock market, Tadawu only. Earlier, the Dhahran-based Saudi Arabian national petroleum company was planning for a wider international listing.
It says it will consider further listing on international stock exchanges in the next year. But for now, Aramco is proving to be all hype.
The original plan of the oil giant was to list on New York, London, Tokyo and Hong Kong stock exchanges. U.K. has been reportedly influencing Saudi to go public on LSE and even offered a $2 billion loan guarantee to Aramco.
Saudi Aramco planned its IPO when the oil price was down, however, it reached more than $65 a barrel now. There were reports that Saudi could wait until 2019, hoping for a higher oil price.
Responding to exclusive reports of Wall Street Journal on Monday, Aramco issued a statement that reads, "The Company continues to review options for the listing."
Saudi Arabia was expecting an international IPO to bring in more private business to boost industrialization and employment, thus to reduce its dependence on hydrocarbon wealth.
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