Saudi state oil company Saudi-Aramco is on schedule with plans for a possible IPO. That is what the Saudi crown prince Mohammed Bin Salman said in an interview. He counts on a stock market flotation in 2020 that could possibly take place at the beginning of 2021. He called the location known premature.
Saudi-Aramco is the largest exporter of crude oil in the world. The company strives for a listing in its own country and a listing on an international stock exchange. According to the crown prince, the value of the company is a messy 2000 billion dollars. In view of the financial results published in April, the group would be worth about $ 1200 billion compared to the performance of its peers.
The plans for the IPO support Saudi Arabia’s strategy to make the economy less dependent on the oil industry. The country wants to invest more money in the development of new industries, also to boost employment. The country also wants to attract foreign investors.