The Kingdom of Saudi Arabia has come out dismissing reports from earlier in the day that the plans for the Initial Public Offering (IPO) of the state-owned Saudi Arabian Oil Co. (Saudi Aramco) are being withdrawn.
"The Government remains committed to the IPO of Saudi Aramco at a time of its own choosing when conditions are optimum," said Khalid al-Falih, the Saudi Minister of Energy, Industry and Mineral Resources and Chairman of Saudi Aramco. He added that "this timing will depend on multiple factors, including favorable market conditions, and a downstream acquisition which the Company will pursue in the next few months."
On Wednesday, a Reuters report said that the world's largest oil company is scrapping its plans for a stock exchange listing.
