Aramco IPO to happen within two years: Al-Falih

Khalid A. Al-Falih, minister of energy, industry and mineral resources, seen in this file photo.

RIYADH — Saudi Aramco, the world’s biggest oil company, is expected to launch its long-awaited initial public offering within two years, an Arab newspaper reported, citing comments from Khalid A. Al-Falih, the minister of energy, industry and mineral resources.

The minister made his comments during a visit to the headquarters of Saudi Aramco’s headquarters on Wednesday, according to a report by the Okaz newspaper.

The IPO was initially scheduled to take place last year but was postponed. Saudi Crown Prince Muhammad Bin Salman, deputy premier and minister of defense, said the listing would go ahead by 2021 and he estimated the company’s valuation at around $2 trillion, Bloomberg reported. — SG