Saudi Aramco, the world’s largest integrated oil and gas company, wholly owned by the Government of the Kingdom of Saudi Arabia, announced on 3 November in a press release the company’s intention to proceed with an initial public offering (IPO) on the Main Market of Tadawul.

Saudi Gazette quoted Aramco’s President and CEO Amin H. Nasser as saying on 3 November the Saudi oil giant is looking to deliver sustainable dividend growth to shareholders. “Saudi Aramco’s vision is to be the world’s pre-eminent integrated energy and chemicals company,” Nasser said during the announcement. “Over the last three years, we were responsible for one in every eight barrels of crude oil produced globally and our proved liquids reserves, at the end of 2018, were five times larger than the combined proved liquid reserves of the Five Major IOCs. We are a steadfast contributor to the world’s energy security,” he added.

“Our mission is to provide our shareholders with long-term value creation through crude oil price cycles by maintaining our pre-eminence in oil and gas production, capturing additional value across the hydrocarbon value chain and profitably growing our portfolio,” Nasser said.

“Building on our position amongst the world’s least carbon intense sources of crude oil, Saudi Aramco aims to grow its business sustainability by leveraging technology and innovation to lower our climate impact. We deploy technology, with the aim of producing oil and gas ever more efficiently, reliably and sustainably,” he said.

For Aramco’s IPO, US-based global investment banking leaders such as JPMorgan, Goldman Sachs, Citigroup and Morgan Stanley have reportedly been hired to lead the process. Initially, only 1%-2% of Aramco shares plan to be offered on the Tadawul on 11 December, which also aims to attract foreign investors and capital to the Saudi stock exchange, Anadolu Agency reported.

Aramco, which produces about one-tenth of the world’s oil output, is the kingpin of the Saudi economy, and generates most of the government’s revenue.