Aramco IPO process 'going ahead' even as Saudis redraw transformation plan

Riyadh

PLANS to sell a stake in Saudi Arabian Oil Co are "well under way," the government said on Saturday, as the kingdom redrafts one of its key economic blueprints to eliminate overlap with other reform programmes.

The government's privatisation programme "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.