Saudi could limit initial Aramco IPO to Riyadh exchange

Riyadh, Oct 14 (AFP) Saudi Arabia is not ruling out theoption of limiting the initial sale of Aramco shares only onthe Riyadh stock exchange, a spo...
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Riyadh, Oct 14 (AFP) Saudi Arabia is not ruling out theoption of limiting the initial sale of Aramco shares only onthe Riyadh stock exchange, a spokesman for the state-owned oilgiant said today.

"A range of options, for the public listing of SaudiAramco, continues to be held under active review," thespokesman told AFP, questioned on reports that sales oninternational markets would follow at a later stage.

"No decision has been made and the IPO process remains ontrack," he said.

The sale next year of just under five per cent of Aramcoforms the cornerstone of the oil-rich kingdom's reformprogramme to wean the economy off its reliance on oil prices.

Until 2014, oil income made up more than 90 per cent ofpublic revenues.

The kingdom has since concentrated on diversification,including plans to introduce value-added tax as well as theAramco IPO.

Oil prices have partly recovered after major producersinside and outside OPEC, including Saudi Arabia, agreed lastyear to cut output by 1.8 million barrels per day. (AFP)SMJ.

This is unedited, unformatted feed from the Press Trust of India wire.

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