Saudi Arabia Converts Aramco Into Joint-Stock Company Ahead Of Historic IPO
Aramco's IPO will comply with regulations of the Saudi stock exchange and also regulations of the international market where it will be listed, the official bulletin said.
Investors have long debated whether Aramco could be valued anywhere close to $2 trillion, the figure announced by the crown prince, who wants to raise cash through the IPO to finance investment aimed at helping wean the world's biggest oil exporting nation off its dependency on crude.
A kingpin of the Organization of the Petroleum Exporting Countries (OPEC), Saudi Arabia is also leading members and other rival oil producers such as Russia to restrict oil supplies under a global oil pact to drain inventories and boost oil prices.
In November, OPEC and non-OPEC producers agreed to extend oil output cuts until the end of 2018 as they try to finish clearing a global glut of crude while signalling a possible early exit from the deal if the market overheats.
($1 = 3.7502 riyals) (Additional reporting by Mohamed el Sherif and Katie Paul; Editing by Christopher Cushing and Muralikumar Anantharaman)
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