Former US Secretary of State Baker Welcomes Saudi Aramco IPO Plans

Reuters

HOUSTON, May 10 (Reuters) - Former U.S. Secretary of State James Baker said Saudi Arabia's plans for a public share offering may be "just what the doctor ordered" for the Kingdom, citing its need for "fundamental change."

Baker, who served as Secretary of State under President George H.W. Bush and joined a U.S. delegation to meet the new Saudi king last year, told a gathering of oil industry dealmakers that Saudi's "semi-revolutionary ideas" like the Aramco IPO could help the Kingdom deal with unemployment and budget deficits amid weak oil prices.

(Reporting by Luc Cohen; Editing by Diane Craft)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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