|12 August, 2019

Saudi Aramco is ready for IPO- senior executive

"We will announce (the IPO) depending on their (the government's) perception on what would be the optimum market condition," Khalid al-Dabbagh, senior vice president of finance, strategy and development, told an earnings call.

Investors talk with each other as they monitor a screen displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh, Saudi Arabia June 29, 2016.

Investors talk with each other as they monitor a screen displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh, Saudi Arabia June 29, 2016.

REUTERS/Faisal Al Nasser

DUBAI- Saudi Aramco is ready for its initial public offering, but a timing for the deal will be decided by its sole shareholder, the Saudi government, a senior executive said on Monday.

"We will announce (the IPO) depending on their (the government's) perception on what would be the optimum market condition," Khalid al-Dabbagh, senior vice president of finance, strategy and development, told an earnings call.

Saudi officials have said the government plans to list Aramco in 2020-2021, a deal seen as the centrepiece of the kingdom's economic transformation drive to attract foreign investment and diversify away from oil. 

Saudi Aramco has signed a letter of intent with India's Reliance to potentially buy a stake in its refining and petrochemicals business but talks are at "a very early stage", a senior Aramco executive said on Monday.

"This is very, very early stages of the deal that would allow us to conduct required due diligence going forward," Khalid al-Dabbagh, senior vice president of finance, told an analyst call after the company reported first half results. 

(Reporting by Saeed Azhar, Rania El Gamal and Hadeel Al Sayegh; Editing by Susan Fenton) ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: saeed.azhar.reuters.com@reuters.net))

More From Markets