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Economy

Saudi Aramco listing plan halted, oil giant disbands advisors

Updated : August 23, 2018 09:37 AM IST

The financial advisors working on the proposed listing have been disbanded, as Saudi Arabia shifts its attention to a proposed acquisition of a "strategic stake" in local petrochemicals maker Saudi Basic Industries Corp 2010.SE.
Saudi Arabia's energy minister denied that Aramco's initial public offering would be called off, in a statement issued early on Thursday.
The proposed listing of the national champion was a central part of Crown Prince Mohammed bin Salman's reform drive aimed at restructuring the kingdom's economy and reducing its dependence on oil revenue.
Saudi Aramco listing plan halted, oil giant disbands advisors
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