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Saudi heir approves launch of Aramco IPO on Sunday, sources say

An employee in a brand helmet is pictured at an oil facility in Saudi Aramko in Abqaiq, Saudi Arabia October 12, 2019.

Maxim Shemetov | Reuters

Saudi Arabian Crown Prince Mohammed bin Salman on Friday agreed that the initial public offering of state oil giant Aramco would be announced on Sunday, five sources familiar with the matter told Reuters.

The world's largest oil company will announce its

"Crown Prince finally gave the green light," said one source.

Aramko declined to comment.

Saudi officials and Aramko advisers have been last ̵

1; minute meetings with investors over the past few days in an attempt to get as close as possible to the $ 2 trillion mark ahead of an expected launch on Sunday, according to sources.

The last meeting of the Saudi government on Friday night was

To reach $ 2 trillion, in the largest IPO in history, Riyadh needs the initial inclusion of a 1% -2% stake in the Saudi Stock Exchange to raised at least $ 20 billion – $ 40 billion. [19659002] The list is at the center of the Crown Prince's plan to shake the Saudi economy and diversify away from oil. But there have been various delays since it was first announced in 2016.

Prince Mohammed wants to eventually list a total of 5% of the company. An international sale is expected to follow the domestic IPO.

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