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British officials told Saudi Aramco IPO unlikely until 2019: Report

Reuters/ 12 Mar 18 | 08:14 PM

Saudi Aramco. (Photo: Reuters)

British officials have been informed by their Saudi counterparts that oil giant Saudi Aramco's initial public offering is likely to be delayed until 2019, the Financial Times reported.

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The Saudi government had targeted a market listing by the second half of 2018, but preparedness for the offering and also willingness for a simultaneous or sequential flotation on a foreign exchange had been questioned, the FT reported, citing sources.

London still had a good chance to secure the listing, which would value the company at $2 trillion, but a foreign flotation would likely happen only in 2019 at the earliest, according to the FT.

New York and London have been front-runners to host the company's international flotation, alongside a Riyadh listing.

Saudi Energy Minister Khalid al-Falih said in an interview with CNN last week that he was concerned about the risks that Aramco would run into by choosing New York as the venue for its $100 billion market listing.

The state-run oil company is expected to sell about 5 per cent of Aramco in what would likely be the world's biggest IPO.

Saudi Arabian Oil Co, known as Saudi Aramco, was not immediately available for comment.

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