The stock market listing of possibly the world's largest company was scrapped, according to sources close to the matter. On Wednesday, Reuters reported it learned from insiders that Saudi Arabian Oil Co. won't conduct an initial public offering, for which it has been prepared for a few years by the kingdom's government.
The decision about Aramco was made "some time ago" but state officials have intentionally been coming out with delays, one of the anonymous people claimed. The monarchy was weighing options for domestic and overseas debuts with a stake of up to 5%. The advisory group that worked on the project has reportedly ended its activities as the decision makers in Riyadh are turning to a purchase of a strategic share in Saudi Basic Industries Corp., or Sabic, the nation's flagship petrochemicals manufacturer.
