Aramco's IPO will take place over two stages: A flotation on the Saudi stock exchange later this year, and an international listing in 2020 or 2021, The Wall Street Journal reported.
, as well as prolonged protests in Hong Kong — have diminished their attractiveness, the report said.
Still, Saudi officials and Aramco advisors told the Journal that while they're leaning toward picking Tokyo, no final decision has been made and all options were still on the table. CNBC has reached out to Aramco for comment on the Journal report, but didn't immediately hear back. The company told the Journal it "continues to engage with the shareholder on IPO readiness activities." It added it "is ready and timing will depend on market conditions and be at a time of the shareholder's choosing."
Japan Exchange Group, which runs the Tokyo Stock Exchange, didn't immediately reply to CNBC's request for comment.
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