Saudi Arabia-owned Saudi Aramco, the world’s largest crude oil producer and biggest profit maker, will unveil an initial public offering on the Riyadh-based Tadawul stock exchange.
“Saudi Aramco, the world’s largest integrated oil and gas company, wholly owned by the Government of the Kingdom of Saudi Arabia, today announces its intention to proceed with an initial public offering on the Main Market of Tadawul,” said Aramco in a statement released on Sunday.
“The Government intends to sell a portion of its Shares in Saudi Aramco,” added the statement.
The firm made a net profit of over $111 billion in 2018, according to internal Aramco documents.
This year Aramco said it made $46.9 billion in net profit for the first half of the year.
Saudi Crown Prince Mohammed bin Salman has stated publicly that a valuation of the firm would be worth $2 trillion.
The government is expected to offer one to 3 percent shares of the firm. Analysts expect even a two percent sale of the firm could bring in up to $40 billion.