Oyku Cicek Butun Staff Reporter, The Pawprint
State owned oil giant, Saudi Aramco is planning to list on the Riyadh stock exchange. The company will determine the initial public offering (I.P.O.) launch price after registering interest from investors. It is said the company is expected to make 1 or 2 % of its shares available, and the offer will be for existing company shares.
Saudi Aramco traces its roots to 1933 when a deal was struck between Saudi Arabia and the Standard Oil Company of California, which later became Chevron, to survey and drill for oil, creating a new firm to do so.
Saudi Arabia is keen to sell shares in its state oil firm because it is trying to reduce its reliance on oil. Crown Prince Mohammad bin Salman wishes to diversify his country’s economy in the next decade under a program dubbed Vision 2030.