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Saudi Aramco IPO will be a ‘Saudi decision first’, says energy minister

FILE PHOTO: Saudi Arabia's new Energy Minister, Prince Abdulaziz bin Salman takes a tour at the exhibition during the 24th World Energy Congress in Abu Dhabi, United Arab Emirates September 9, 2019. REUTERS/Satish Kumar/File Photo

Saudi Arabia’s energy minister said on Wednesday a planned initial public offering of the state-run oil giant Saudi Aramco will happen “soon”.

Speaking before the Future Investment Initiative summit, Prince Abdulaziz bin Salman told those gathered in Riyadh that “the IPO will come soon”.

He also referenced the kingdom’s powerful Crown Prince Mohammed bin Salman.

“It will come in the right time with the right approach and definitely with the right decision. And it will be a Saudi decision, first and foremost. Specifically, Prince Mohammed’s decision,” said Prince Abdulaziz.

On Monday, a Saudi-owned satellite channel believed to be closely linked to the Al Saud royal family said shares in Aramco would be traded on Riyadh’s Tadawul exchange in December. However, there have been repeated delays to the IPO.

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