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.
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