Riyadh – Mubasher: Saudi Aramco is looking for bookrunners and international coordinators for its initial public offering (IPO), which is planned to be implemented in 2018, two informed sources said on Wednesday.

 “The plan to float about 5 percent of Aramco aims to raise $100 billion and is a centrepiece of Vision 2030, a programme to diversify Saudi Arabia’s economy away from oil that is championed by Crown Prince Mohammad bin Salman,” Reuters reported.

In October, Aramco’s CEO Amin Nasser stated that IPO would take place in 2018 as it was planned.

In October 2016, the Saudi Crown Prince, Mohammed bin Salman indicated that selling a stake in the largest international oil firm would be in 2017, and might be in 2018.