Saudi Aramco, the world’s largest integrated oil and gas company, which is wholly owned by Saudi Arabia’s government, said on Sunday that it intends to proceed with an initial public offering on the main market of the Saudi Stock Exchange, Tadawul.
The decision comes three years after the oil colossus announced that it was considering listing on a stock exchange, a period during which exchanges in New York, London and other urban hubs were the subject of speculation as possible listing destinations.
Sunday’s announcement also follows the departure of Khalid al-Falih, former energy minister of Saudi Arabia and chairman of Saudi Aramco, earlier this year.
Saudi Aramco was responsible for one in every eight barrels of crude oil produced globally over the last three years, the company said. Its vision, according to Amin Nasser, chief executive, is to “be the world’s pre-eminent integrated energy and chemicals company.”
At the end of 2018, the company said that it was five-times larger than the combined proved liquid reserves of the five major international oil companies.
“Our mission is to provide our shareholders with long term value creation through crude oil price cycles by maintaining our pre-eminence in oil and gas production, capturing additional value across the hydrocarbon value chain and profitably growing our portfolio,” Nasser added in Sunday’s statement.