Saudi Aramco IPO will be a ‘Saudi decision first and foremost’

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said on Wednesday that Saudi Aramco’s IPO will be a “Saudi decision first and foremost” and “Prince Mohammed’s decision,” during the Future Investment Initiative in Saudi Arabia.

Saudi Aramco will list on the Saudi Stock Exchange (Tadawul) on December 11, Al Arabiya sources confirmed on Tuesday.

Saudi Capital Markets Authority’s announcement of the intention to float the initial public offering (IPO) will take place on November 3.

Pricing will start on November 17 with a final price for the float expected to be announced on December 4.

Saudi Arabia is looking to list state-owned Aramco on markets on the Saudi Stock Exchange and abroad. The Aramco IPO is a cornerstone of Saudi Arabia’s Vision 2030 reform plan, which aims to wean the Kingdom off its reliance on oil and diversify the economy.

Last month’s attacks on two key oil installations in Saudi Arabia knocked off five percent of the global crude supply, which has since been restored by the world’s largest oil exporter.

“I want to move on… we in the energy industry in Saudi Arabia, we have got a few challenges, we have got an IPO and we want to make sure it’s a successful IPO,” Prince Abdulaziz said at the Russia Energy week earlier this month.