Saudi Aramco becomes joint stock company

Baku. 5 January. REPORT.AZ/ Saudi Aramco, state oil company of Saudi Arabia, has become a joint stock company.

Report informs referring to the TASS, Reuters quoted official bulletin of the Kingdom.

Its privatization plans were shown as the reason for the change of the oil company's legal status. Notably, S. Arabia expressed intention to realize initial public offering (IPO) of Saudi Aramco in 2018.

Saudi Aramco's initial capital was estimated at $ 16 bln or 200 bln ordinary shares. In addition, the company's Management Board will consist of 11 members.

Notably, Saudi Aramco spread privatization reports in January 2016. IPO envisages sale of the company's 5% at stock exchanges. The company's cost estimated at $ 2 tln. According to Bloomberg, privatization of Saudi Aramco can be suspended till 2019.