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Saudi Aramco confirms intention to proceed with initial public offering

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Oilfield Technology,

As reported by Reuters, Saudi Aramco, Saudi Arabia’s state oil company, commenced its initial public offering (IPO) on Sunday by announcing its intention to float on the Riyadh stock exchange.

The world’s largest oil firm said in a statement that the price at which all subscribers in the offering will purchase shares, the number of shares to be sold and the percentage of the shares to be sold would be determined at the end of the book-building period.

Aramco said it intends to declare aggregate ordinary cash dividends of at least US$75 billion with respect to the 2020 calendar year.

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