Riyadh - Mubasher: The United Kingdom will continue to make the case for the partial initial public offering (IPO) of Saudi Aramco to be conducted in the London Stock Exchange (LSE), according to junior foreign office minister Alistair Burt.

“We would like the Aramco share option to be issued in the United Kingdom and we will continue to suggest the City would be the best place for it,” Burt told the British parliament on Wednesday.

New York, London, and Hong Kong, were shortlisted for a single double listing of the biggest oil company in the globe.

The Saudi Arabian Oil Company could raise up to $100 billion by selling 5% of its shares, as part of the efforts by the kingdom’s government to diversify the economy.

London hopes that the oil giant’s IPO will boost the city’s status as a global financial hub, especially as the looms, which could affect global confidence in the British market.