The sale could happen
before the end of the year, the report said, adding that Aramco has been
“sounding out” potential investors, about participating in the deal.
The Kingdom has decided to host any new Aramco offering on
the Riyadh exchange to avoid legal risks associated with an international
listing, the report said, citing Saudi officials and other people familiar with
the plan. Saudi Aramco did not respond to a Reuters' request for comment.
Saudi Aramco is the
world's biggest oil company, with a market value of $2.25 trillion. Its shares
have risen 19.6 per cent this year. It completed the world’s largest initial
public offering in late 2019, raising $25.6 billion and later selling more
shares to raise the total to $29.4 billion.
Still, selling stock in the state-owned firm remains a top priority for Saudi Arabia, with de facto leader Crown Prince Mohammed bin Salman intending to use the proceeds to help the country diversify away from oil.
In 2021, he revealed talks to sell 1% of Aramco to an unnamed global energy firm, though no further details followed.
Saudi Arabia is highly dependent on the oil giant, with Aramco's returns a key source of funds for the government.
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