Saudi Aramco will be ready for an initial public offering in the second half of 2018 and the work is ongoing, Amin Nasser
, the chief executive officer of the state oil company, said in a Bloomberg television
interview on Monday.
"We are doing a lot of work to prepare the company for listing," he said.
The venue and the timing will depend on the government, Nasser said. "Don't forget this is a very complex process. Aramco's size and complexities is something that requires time."
Saudi Arabia is planning to list up to 5 percent of Saudi Aramco in the offering. A successful IPO could give the company a total valuation of up to $2 trillion, making it the world’s biggest oil company by market capitalization.
The company could be floated either domestically or internationally late this year, Saudi Energy Minister Khalid al-Falih told
Reuters last week.
(Reporting by Devika Krishna Kumar in New York Editing by Paul Simao)