Deals

Saudi Crown Prince Vows Aramco IPO by 2021, Keeps to $2 Trillion

Mohammed bin Salman sets out new timetable for Aramco sale
Crown Prince defends Aramco-Sabic deal as key for oil industry

Saudi Arabia’s crown prince says Aramco will go public by 2021. Bloomberg’s Stephanie Flanders reports.Source: Bloomberg)

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By Nayla Razzouk, Stephanie Flanders, and Javier Blas

October 5, 2018 at 5:30 PM UTC

Updated on

October 6, 2018 at 12:06 PM UTC

This article is for subscribers only.

Saudi Arabia’s crown prince insisted the stalled plan to sell shares in oil giant Aramco will go ahead, promising an initial public offering by 2021 and sticking to his ambitious view the state-run company is worth $2 trillion or more.

The comments show 33-year-old Mohammed bin Salman’s determination to press ahead with the IPO even after Riyadh’s original timetable was undone by skepticism over the company’s valuation and a plan for Aramco to buy a controlling stake in the country’s biggest chemical producer.