Newly appointed Saudi Energy Minister says aiming for Aramco IPO as soon as possible

The company is meeting banks pitching for roles on the deal this week, and is expected to appoint the advisers in the coming days. The IPO is a centrepiece of Saudi Arabia's economic transformation drive to attract foreign investment and diversify away from oil.

Saudi Arabia’s newly appointed energy minister, Prince Abdulaziz bin Salman, said on Monday that the country is aiming for an initial public offering of its national oil giant Saudi Aramco “as soon as possible.” He was speaking for the first time since his appointment earlier this week, replacing Khalid al-Falih, at an energy conference in Abu Dhabi.