Plans to sell a stake in Saudi Arabian Oil Co. are "well underway," the government said on Saturday, as the kingdom redrafts one of its key economic blueprints to eliminate overlap with other reform programs.
The government’s privatization program "continues to gain traction," the Ministry of Culture and Information said in a statement. Officials have said the kingdom plans to sell as much as 5 per cent of Aramco next year in what could be the world’s biggest initial public offering .
"The IPO process is well underway and Saudi Aramco remains focused on ensuring that all IPO-related requirements are completed on time and to the very highest standards," it said.
The statement comes after an official document seen by Bloomberg News showed that authorities are redrafting the National Transformation Program, a plan to overhaul the kingdom’s government and economy as it grapples with low oil prices.
The revamp won’t change key fiscal or energy-related tar
according to the document, but it’s needed to match it with Crown
Prince Mohammed bin Salman’s broader Saudi Vision 2030, which includes a
separate program for the Aramco IPO.
gets, according to the document, but it’s needed to match it with Crown Prince Mohammed bin Salman’s broader Saudi Vision 2030, which includes a separate program for the Aramco IPO.
The NTP’s revision "represents learning and progress, and provides a stronger foundation for the necessary reforms and progress for the country," the ministry said. It said more than half the objectives under the previous version have been assigned to different entities or programs.