Saudi Aramco will review and discuss recommendations for its proposed initial public offering (IPO), including the timing and international listing, at its annual board meeting next month in Houston, Energy Intelligence reported, citing an unnamed source.
The proposals will then be passed to Crown Prince Mohammed bin Salman, who is overseeing the Kingdom’s economic reforms under the Vision 2030 plan.
Aramco will miss its 2018 target for an international listing, as well as delay listing on Tadawul this year, sources said.
The board is expected to review Aramco's annual report at the Houston meeting but will not include any financials in its annual report, despite a recent leak of financial data to the media. This will be shared once the exact timing of the IPO has been determined.
Other items on the agenda include an investment program giving a significant outlay to expand the Kingdom's offshore oil fields and maintain overall oil production capacity of 12 million barrels per day.
In March, Saudi Aramco chief executive Amin Nasser said the company will be ready for an IPO in the second half of 2018, adding the venue and the timing will depend on the government.
Saudi Arabia plans to list up to 5 percent of the world’s largest oil producer on Tadawul, in addition to one or more international venues in a listing that could raise $100 billion.
Several international bourses are vying for the mega IPO, including New York, London, Hong Kong, Tokyo, and Toronto.
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