Aramco IPO on track for 2018, Saudi Arabia reassures investors

Riyadh

SAUDI ARABIA reassured global investors that it's on track to sell shares in oil giant Aramco in 2018 as the who's who of global finance and business gathered in Riyadh for a conference dubbed the "Davos in the Desert".

The kingdom plans next year to sell a stake in Saudi Arabian Oil Co, as the world's biggest oil exporter is known formally, Yasir Al-Rumayyan, the head of the country's sovereign Public Investment Fund, said on Tuesday in the capital, dispelling reports that the share sale would be delayed.