Saudi Finance Minister Mohammed Al-Jadaan told bond investors on Monday that state-owned Saudi Aramco’s initial public offering (IPO) will proceed in 2018 as initially scheduled, Reuters reported, citing sources familiar with the matter.
The oil giant has previously affirmed that the listing remains on track, after reports claiming a possible delay into 2019.
The Kingdom held the global investor call in preparation for a potential third international bond issuance, following an issuance worth $17.5 billion last year and a $9 billion sukuk in April.
Saudi Arabia plans to list up to 5 percent of the world’s largest oil producer on its domestic stock exchange (Tadawul), in addition to one or more international venues in a listing that could raise $100 billion.
Aramco has still not chosen an international bourse for the IPO although New York and London are seen as leading contenders. Reuters reported last month that Saudi Arabia favors New York for the main foreign listing of Aramco, even though some financial and legal advisers have recommended London.
The IPO and bond issuances are both part of a sweeping economic reforms designed to diversify the oil-rich Kingdom’s sources of revenue.
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