The initial public offering (IPO) of Saudi Aramco will be announced “very, very soon,” Aramco Chairman Yasir al-Rumayyan was quoted as saying by Al Arabiya on Monday.
Al-Rumayyan, who is also the Governor of Saudi Arabia’s Public Investment Fund – the Kingdom’s sovereign wealth fund – was speaking at a panel during the Saudi-Russian CEO Forum on Monday, in which Saudi Arabian and Russian officials gathered to discuss key partnerships, as well as global oil markets.
His Russian counterpart, Kirill Dimitriev, chief executive officer of the Russian Direct Investment Fund (RDIF) is also attending the event. Both officials held a joint panel discussion on Monday.
The forum is being held this week during Russian President Vladimir Putin’s visit to Riyadh, which is his first official visit to the Kingdom since 2007.
The Aramco IPO is a cornerstone of Saudi Arabia’s Vision 2030 plan, which aims to wean the Kingdom off its reliance on oil to diversify the economy.
It aims to raise up to $100 billion from the IPO of a five percent stake of the company, based on a $2 trillion valuation. This valuation could make it the most valuable company in the world.
In September, al-Rumayyan had said that the IPO would not be delayed and could occur anytime within the next 12 months.
Aramco CEO Nasser Amin announced in September that it would be a two-stage IPO process and flagged a possible foreign listing as part of the offering.