Aramco listing stalled

Reuters . | Update:

An oil tanker is being loaded at Saudi Aramco’s Ras Tanura oil refinery and oil terminal in Saudi Arabia 21 May, 2018. Photo: ReutersPublic listing preparations of state-run Saudi Aramco have stalled, the Wall Street Journal reported on Thursday.

Aramco, the world’s biggest oil producer, has been expanding its global footprint by signing downstream deals and boosting the capacity of its plants ahead of the eagerly awaited initial public offering.

The company’s public listing is a part of Saudi Arabia’s plan to open its economy but a senior Aramco executive told the WSJ that “everyone is almost certain it (IPO) is not going to happen”.

Aramco did not immediately respond to a request for comment.

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