Saudi Aramco confirms it’s studying a potential share sale

LONDON: Saudi Arabian Oil Co., the world’s biggest crude oil producer, confirmed it is considering a potential initial public offering.

The company, known as Aramco, is studying whether to list “an appropriate percentage” of shares of the parent or a bundle its downstream units, it said in an emailed statement. Once the study of these various options is complete, the findings will be presented to the company’s board of directors which will make its recommendations to the Saudi Aramco Supreme Council.

The statement follows an Economist interview with Deputy Crown Prince Mohammed bin Salman published Thursday, where he said the kingdom was considering an IPO as part of a broader package of economic reform.