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IPO Watch: Aramco Set To Gush Next Year

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The proposed initial public offering of Saudi Arabia's state-run oil behemoth Saudi Aramco is on track to happen in the second half of 2018, the company's Chairman said in Moscow on Thursday.

Saudi Energy Minister Khalid Al-Falih, who is also Chairman of Aramco, said that the IPO was set to happen in the second half of 2018 and there was nothing to indicate that the schedule is slipping. He added that more details of the IPO would be released "in due course," but declined to provide a precise date.

Al-Falih noted that Aramco's IPO will be used as a catalyst for the opening up of the Saudi economy.

Al-Falih and other Aramco officials are currently accompanying Saudi Arabia's King Salman bin Abdulaziz on a historic visit to Russia as part of efforts to deepen ties between the world's two biggest oil producers. Countries like Saudi Arabia, Russia and Venezuela have been struggling to cope with the impact of low oil prices.

Saudi Arabia is aiming to sell as much as 5 percent of Saudi Aramco as part of the government's plan to set up the world's biggest sovereign wealth fund and reduce the economy's reliance on hydrocarbons.

Saudi Aramco's IPO is expected to be the world's biggest ever offering, with the company valued at a minimum of about $2 trillion.

by RTT Staff Writer

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