Riyadh (AFP) - Saudi Arabia remains committed to the sale of shares of state oil giant Ami through an initial public offering, but only at the appropriate time, Crown Prince Mohamed bin Salman.
"We are committed to the initial public offering of Saudi Aramco under the right conditions and at the right time," Prince Muhammad told the Pan Arab Daily newspaper Asharq al-Awsat in an interview on Sunday.
He reiterated his previous expectation that Saudi Aramco's initial public offering "start in 2020 (late) or 2021", almost two years later than expected.
Saudi Arabia plans to sell 5% of the world's largest energy company and expects to raise up to $ 100 billion.
Prince Muhammad said he is not yet mature to announce where the initial public offering will take place, adding that many sales requests have been successfully completed.
Libya has taken a number of key procedures to prepare for an initial public offering, including the enactment of a hydrocarbons tax law, the appointment of a new board of directors of Aramco and an independent audit of the kingdom's oil reserves, said the Crown Prince.
He said Aramco also opened its books to international rating agencies for the first time, announcing its profit scale and transforming it into a public limited company.
The OPI, which is expected to be the world's largest stock exchange, is the cornerstone of the reform plan envisioned by Prince Mohammed, whose goal is to free the Saudi economy from oil dependence.
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