Saudi Arabia said to plan for possible delay in Aramco IPO

Saudi Arabia is preparing alternative plans for a possible delay in Saudi Arabian Oil Co.’s (Saudi Aramco) potential Initial Public Offer (IPO) originally set for the second half of 2018, Bloomberg reported citing unnamed sources.

The delay could possible push the IPO a month into 2019, the sources added as due to the tight timetable for what could be the biggest share sale in history.

Several important decisions on the IPO have yet to be taken, stretching the ability of the company and its advisers to sell shares before the end of next year, the report added.

Saudi Aramco said in statement the IPO "remains on track. The IPO process is well underway and Saudi Aramco remains focused on ensuring that all IPO related work is completed to the very highest standards on time.”

According to Bloomberg, a Saudi government source confirmed that on Wednesday. Officials have previously said the most likely schedule is the second half of next year.

In July, Amin Nasser, the president and CEO of Aramco, said that IPO plans are on track to be implemented in the second half of 2018, Argaam reported.

Last week the Kingdom said fiscal reforms under its Vision 2030 program are on track and plans regarding Aramco IPO are “well underway,” despite some adjustments being made to the National Transformation Program (NTP).