Saudi Arabia ‘concerned’ about listing Aramco in New York: Al-Falih

Saudi Arabia has serious concerns about listing shares of Saudi Aramco in New York, energy minister Khalid Al-Falih said, quoted by CNN.

"I would say litigation and liability are a big concern in the US," Al-Falih said, speaking on a visit to London on Thursday.

“Quite frankly, Saudi Aramco is too big and too important for the Kingdom to be subjected to that kind of risk," he added. 

The minister referred to New York City's decision to sue five big oil companies for the cost of protecting it from the "existential threat" of climate change. The allegations against the companies were "frivolous," he said. 

Meanwhile, Al-Falih was optimistic about the prospect of listing Aramco in London instead.

"The London Stock Exchange is one of the best in the world, it is well regulated and we respect it," he said.

Saudi Arabia plans to sell a 5 percent stake in Saudi Aramco, the world's largest oil producer and exporter, in an IPO expected to raise $100 billion.

New York, London, Toronto, Hong Kong, and Singapore are among the foreign bourses vying to host the international leg of the lucrative listing.

Aramco CEO Amin Nasser last week said that all work related to the IPO would be completed in the second half of 2018, adding that the decision on the listing venue “is a job for the shareholder.”