Saudi Aramco has confirmed it is planning to list on the Riyadh stock exchange, in what could be the world’s biggest initial public offering (IPO).
The state-owned oil giant will determine the IPO launch price after registering interest from investors.
Business sources say the Saudis are expected to make shares available for 1% or 2% of the firm, and the offer will be for existing company shares.
The stock would heavily depend on the value of the oil prices but also the political stability and peace within the region.
Those potential risks highlighted in September was when drone attacks hit the Abqaiq oil facility and the Khurais oil field in Saudi Arabia, which are both owned by Aramco.
Also the what complicated matters for Saudi Aramco was the murder of Jamal Khashoggi.
A foreign exchange listing plan has been put aside for now, the company said it will let investors know in due course of time.
Bloomberg and other analysis put Saudi Aramco to be worth about $1.2 trillion, but Riyadh says its worth over $2 trillion, , which is one reason the company’s share sale has been delayed a number of times.
Saudi Arabia is keen to sell shares in its state oil firm because it is trying to reduce its reliance on oil.
Crown Prince Mohammad bin Salman wishes to diversify his country’s economy in the next decade under a programme dubbed Vision 2030.