Saudi Aramco IPO on track, says ministry

Plans to sell a stake in Saudi Arabian Oil Co are “well underway,” the government said on Saturday, as the kingdom redrafts one of its key economic blueprints to eliminate overlap with other reform programmes.

The government’s privatisation programme “continues to gain traction,” the Ministry of Culture and Information said in a statement.

Officials have said the kingdom plans to sell as much as 5 percent of Aramco next year in what could be the world’s biggest initial public offering.

“The IPO process is well underway and Saudi Aramco remains focused on ensuring that all IPO-related requirements are completed on time and to the very highest standards,” it said.

The statement comes after an official document seen by Bloomberg News showed that authorities are redrafting the National Transformation Program, a plan to overhaul the kingdom’s government and economy as it grapples with low oil prices.

The revamp won’t change key fiscal or energy-related targets, according to the document, but it’s needed to match it with Crown Prince Mohammed bin Salman’s broader Saudi Vision 2030, which includes a separate programme for the Aramco IPO.

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