Saudi Aramco to disclose financials ahead of IPO: Al-Falih

State-owned Saudi Aramco will disclose its financial statements for the current fiscal year ahead of its planned initial public offering (IPO) scheduled for 2018, Bloomberg reported, citing Saudi Arabia’s energy minister Khalid Al-Falih on Thursday.

An audit of the major oil producer’s crude reserves is showing “very reassuring” results, he added.

Commenting on the kingdom’s plan to list Aramco shares in several equity markets simultaneously, Al-Falih said that no single market in the world can absorb an IPO of the company’s size.

Aramco announced plans last May to list shares in London, Hong Kong, and New York.

The world’s largest crude exporter plans to float a stake of up to five percent in its IPO next year – a listing expected to value the company at around $2 trillion.

The base listing would be in the Saudi Stock Exchange (Tadawul), Al-Falih confirmed, adding that Saudi nationals will have the opportunity to buy stakes in Aramco following the offering.