By Innovation-sa on January 22, 2018 in News

Saudi Aramco’s Chief Executive Officer Amin Nasser announced that the state-owned oil giant’s initial public offering (IPO) is on track for the second half of this year. However, Aramco is awaiting the government’s decision regarding the listing of venue.

The government will decide where the stock will be traded, not the company, Nasser told reporters at the company’s headquarters. “We want to see if there is going to be a listing in another market (in addition to Saudi Tadawul)”, added Nasser.

Saudi Arabia is seeking to sell up to 5 percent of Saudi Aramco, which is expected to be one of the biggest IPO in history. Proceeds from the IPO will go to Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF) and will play a crucial role in achieving the goals of Vision 2030.

Meanwhile, Saudi Aramco signed a three-party joint development agreement with two US companies for pilot use of a technology to convert crude-to-chemicals in order to enhance its petrochemical business.

The pact was signed with CB&I, a US-based provider of technology and infrastructure for the energy industry, Chevron Lummus Global, a joint venture between CB&I and Chevron, and a leading process technology licensor.

The $40 million agreement will serve to boost and commercialize Saudi Aramco’s Thermal Crude to Chemicals (TC2CTM) technology. Under the deal, 70 to 80 percent of crude intake will be directly converted into chemicals and its commercialization will begin in two years.