March 26, 2018 / 5:25 PM / 4 months ago

Saudi Aramco ready for IPO in second half of 2018: CEO

NEW YORK (Reuters) - Saudi Aramco will be ready for an initial public offering in the second half of 2018 and the work is ongoing, Amin Nasser, the chief executive officer of the state oil company, said in a Bloomberg television interview on Monday.

FILE PHOTO: A Saudi Aramco employee sits in the area of its stand at the Middle East Petrotech 2016, an exhibition and conference for the refining and petrochemical industries, in Manama, Bahrain, September 27, 2016. REUTERS/Hamad I Mohammed/File Photo

** “We are doing a lot of work to prepare the company for listing,” he said.

** The venue and the timing will depend on the government, Nasser said. “Don’t forget this is a very complex process. Aramco’s size and complexities is something that requires time.”

** Saudi Arabia is planning to list up to 5 percent of Saudi Aramco in the offering. A successful IPO could give the company a total valuation of up to $2 trillion, making it the world’s biggest oil company by market capitalization.

** The company could be floated either domestically or internationally late this year, Saudi Energy Minister Khalid al-Falih told Reuters last week.

Reporting by Devika Krishna Kumar in New York; Editing by Paul Simao

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