Saudi Arabia is expected to greenlight a small initial public offering of Aramco, a company that is valued by the Kingdom at $2 trillion but experts believe it is closer to $1,5 trillion.

The listing has been sought after by the Stoch Markets of Hong-Kong, London, and New York but the company will be first floated on the Tadawul exchange in Riyadh, where local investors are expected to dominate.

The company is fully owned by the Saudi government and is only planning to make a 3% offering. But it’s a start. And this is likely to be followed by a 5% listing outside the country. Advisers working on the sale expect a commission $450 million, Bloomberg reports.

Among the underwriters of the deal are JP Morgan and Morgan Stanley. There will be nine global co-coordinators of the listing, including Goldman Sachs, HSBC and Credit Suisse.

The Saudi Arabian Oil Company runs oil and gas fields throughout the kingdom and offshore, with several worldwide subsidiaries and expertise across the fossil fuels value chain: management, exploration, refining and chemicals.

Saudi Arabia has the second-largest proven crude oil reserves in the world, producing 10 million barrels a day, with €352 bn in revenue in 2018, that is, more than ExxonMobil, Shell, BP, Total and Chevron combined.

Under the “Vision 2030” Saudi plan, the kingdom will use revenue to diversify its economy.