Saudi Arabia has named Yasir al-Rumayyan, head of the kingdom's sovereign w...
FILE PHOTO: An Aramco oil tank is seen at the Production facility at Saudi Aramco's Shaybah oilfield in the Empty Quarter, Saudi Arabia May 22, 2018. REUTERS/Ahmed Jadallah/File Photo
Aramco, the world’s top oil producing company, is preparing for an initial public offering of up to 5% by 2020-2021. Selling a stake in Aramco has been a centrepiece of Vision 2030, a plan to diversify the Saudi economy away from oil championed by Crown Prince Mohammed bin Salman. The move comes a few days after Saudi Arabia created a new ministry for industry and mineral resources, separating it from the kingdom’s colossal energy ministry, in a series of royal orders issued late on Friday.
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