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New chairman says working to prepare Saudi Aramco listing

New chairman says working to prepare Saudi Aramco listing
FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed -
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Hamad I Mohammed(Reuters)
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DUBAI (Reuters) – Saudi Aramco’s new chairman Yasir al-Rumayyan said on Wednesday he would work with international parties and local ministries to prepare for a listing of the oil producing giant, state-run Saudi news agency SPA quoted him as saying.

“I will work with my colleagues on Aramco’s board to secure the highest standards of transparency and efficiency,” Rumayyan said.

Aramco, the world’s biggest oil producing company, is preparing an initial public offering (IPO) of up to a 5% stake by 2020-2021.

Selling the stake has been a centrepiece of Vision 2030, a plan to diversify the Saudi economy away from oil championed by Crown Prince Mohammed bin Salman.

(Reporting by Dahlia Nehme; Editing by Mark Potter)

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