Aramco CEO says oil tax will be cut to attract investors to IPO

Davos

SAUDI Arabia has promised it will reduce the overall tax rate paid by its national oil company to make its 2018 initial public offering (IPO) - potentially one of the largest in history - more appealing to investors.

"Definitely the fiscal regime will be changed," Saudi Arabian Oil Co chief executive officer Amin Nasser said on Tuesday in Davos, Switzerland. "When you look at the fiscal regime and the taxes, it has to be aligned with other listed companies."