However, his desired $2 trillion valuation has always been questioned by some financiers and industry experts who note that countries have been accelerating efforts to shift away from fossil fuels to curb global warming, putting oil prices under pressure and undermining producers' equity value.
The Saudi Arabian Oil Company (Saudi Aramco) on Thursday announced a delay in the launch of its IPO to reassure investors the Iranian missile and drone attacks on two of its largest oil sites on September 14 hasn't hurt its operating results. Now, a listing is unlikely before December or January.
There are indications that 2% of Saudi Aramco will be sold during the IPO, with as much as $40 billion raised.
The prospect of Aramco selling a piece of itself has had Wall Street on tenterhooks since Crown Prince Mohammed bin Salman first flagged it three years ago.
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This time around, Saudi Aramco chose an easier route, deciding to start with a local listing only in Riyadh and ditching plans for a share sale in London and NY.
Background: Saudi Aramco's IPO plans suffered a substantial setback last month after a drone attack against the Abqaiq and Khuras oil processing sites briefly took more than half of Saudi crude production offline. However, they have also expressed doubt over the company's valuation. The Financial Times broke the story about the IPO postponement.
Saudi Aramco had been planning to launch its share sale on October 20 with a month-long promotional road show around the world, ending with the IPO in late November.
Saudi Aramco, the state-owned Saudi Arabian oil company that was recently-adjudged the most profitable company in the world, has again delayed its Initial Public Offering (IPO) which was initially scheduled to take place previous year.