Saudi Aramco thinking about going publicStaff writer ▼ | January 9, 2016
One of the world’s largest oil companies, the state-run Saudi Aramco, confirmed that it’s studying various options to go public and thus allow broad public participation in its equity.
Oil industry One of the largest oil companies plans to be listed
“This proposal is consistent with the broad and progressive direction pursued by the Kingdom for reforms, including privatization in various sectors of the Saudi economy and deregulation of markets, which the company strongly supports”, says the statement.
The oil company hasn’t set dates for the public listing process yet, and said that studies and findings will be presented to its board and the Saudi Aramco supreme council.
Data from its 2014 corporate report, the most recent available, indicates that Saudi Aramco has estimated reserves of 261 billion oil barrels, with an output of 9.5 million barrels per day and 3.5 billion per year. ■