Riyadh – Mubasher: Saudi Aramco’s initial public offering (IPO) will be announced “very soon”, Al Arabiya reported citing Yasir Al Rumayyan, CEO of Saudi Aramco.

Al Rumayyan added that the kingdom is working on this IPO three years ago.

Aramco’s IPO comes along with Saudi Arabia’s Vision 2030, which aims to wean the Saudi economy off its reliance on oil in order to diversify the economy.

It also aims to raise up to $100 billion from the IPO of a 5% stake of the company.

In August, the state-run oil company has selected Lazard, the world's leading financial advisory and asset management firm, and Moelis & Co, the global independent investment bank to advise on the oil giant’s second attempt at the world’s largest IPO.

Both Lazard and Moelis have started preparatory work on the offering, and they are expected to play a significant role in the listing, including in the selection of underwriters and listing venues as well as working to ensure Aramco can secure its valuation expectations.