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Saudi Crown Prince Says Aramco's IPO Will Happen By 2021

Saudi Arabian oil giant Aramco's initial public offering will happen by 2021, the kingdom's Crown Prince Mohammed bin Salman said.

Prince Salman gave the update for the initial public offering in an interview with Bloomberg.

"I believe late 2020, early 2021," the Prince told Bloomberg. "The investor will decide the price on the day. I believe it will be above $2 trillion. Because it will be huge."

Earlier, reported had said that Saudi Arabia had ditched plans to list shares in the company. However, Saudi Arabia's Energy Minister Khalid al-Falih had claimed that reports were false and the kingdom would take Aramco public when the time is right.

The Dhahran-based Saudi Arabian national petroleum company was planning for a 2018 IPO, however, the company said an earlier 2019 looked more likely.

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