Saudi Arabia aiming for Aramco IPO as soon as possible

Saudi Aramco is preparing to sell up to a five percent stake in an IPO by 2020-2021. (File photo: Reuters)

Saudi Arabia's newly appointed energy minister, Prince Abdulaziz bin Salman, said on Monday that the Kingdom is aiming for an initial public offering (IPO) of its national oil giant Saudi Aramco as soon as possible.

He was speaking for the first time since his appointment earlier this week, replacing Khalid al-Falih, at an energy conference in Abu Dhabi.

Aramco is preparing to sell up to a five percent stake by 2020-2021, in what could be the world's biggest IPO.

The company is meeting banks pitching for roles on the deal this week, and is expected to appoint the advisers in the coming days.

The IPO is a centerpiece of Saudi Arabia's economic transformation drive to attract foreign investment and diversify away from oil.

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Last Update: 09:40 KSA 12:40 - GMT 09:40
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