Riyadh – Mubasher: The Saudi Arabian Oil Co, known globally as Saudi Aramco will announce its financial accounts in the beginnings of 2018 in case the government decides the initial public offering (IPO) time, Reuters on Tuesday reported, citing sources as saying.

This announcement will be the first of Aramco as a preparation for its IPO which is expected to raise $100 billion, the agency added.

In April 2016, the Saudi Crown Prince Mohammad bin Salman said that Aramco’s IPO will be in 2017 or 2018, as the government wants to sell less than 5% of the largest oil firm.

“Aramco will have its 2017 results by the first quarter, the audited accounts will be available then, so the IPO could happen after that,” one of the sources said.