The Capital Market Authority of Saudi Arabia said in a statement on Sunday that it has approved an application to list shares in Saudi Aramco. It did not say when the long-awaited IPO should take place or give details of the size.
Aramco has huge oil reserves and massive daily production. It has a monopoly in Saudi Arabia, the world's largest exporter of crude oil.
The Saudi government originally discussed floating 5% of the company in 2018 in a deal that would raise as much as $ 100 billion. It looked at international markets such as New York or London as well as Riyadh.
– Sugam Pokharel contributed reporting.