Saudi Aramco’s chief executive officer, Amin Nasser, on Sunday said he cannot say whether the oil giant will go public by 2020, CNBC reported.
Aramco's plans to acquire a strategic stake in Saudi Basic Industries Corp (SABIC) will postpone the planned initial public offering (IPO) indefinitely.
"I don't want to talk about dates at this stage. From our side, I just want to say — reiterate — that the government has announced that they are committed to the IPO," he added.
Last July, the state-owned oil producer confirmed that it is in early talks with the Public Investment Fund (PIF) to buy its 70 percent stake in SABIC.
Nasser warned that negotiations over SABIC could affect the IPO’s timeline.
"It's a major deal. We are doing the due diligence currently. And you cannot list while you are going through an acquisition of this size," Nasser said.
Saudi Aramco will also need to negotiate the sale with the Kingdom’s sovereign wealth fund and go through various regulatory processes.
The floatation would have to wait until after the acquisition and integration of the petrochemical producer.
Saudi Arabia had planned to sell a 5 percent stake in Aramco this year, Argaam earlier reported.
For almost two years, Saudi officials said repeatedly the IPO process was on track for H2-2018, denying reports that the Kingdom has scrapped plans to list shares of state-run energy giant.
Earlier this year, they admitted it would be delayed into 2019.
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