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Saudi Aramco CEO Khalid A. Al-Falih. Image courtesy of Aramco Overseas Company/Youtube.

Saudi Aramco confirmed Friday that it’s mulling its first ever initial public offering.

The state-owned company said it has begun studying “various options to allow broad public participation in its equity” in either the company as a whole or a bundle of its downstream subsidiaries.

Saudi Aramco did not provide details about the potential size of the offering other than saying it would list an “appropriate percentage of the company’s shares and/or the listing of a bundle its downstream subsidiaries.”

Once the various options have been studied, the findings will be presented to the company’s board of directors who will then make recommendations to the Saudi Aramco Supreme Council.

“This proposal is consistent with the broad and progressive direction pursued by the Kingdom for reforms, including privatization in various sectors of the Saudi economy and deregulation of markets, which the company strongly supports,” the company said.

News of the potential sale is already stirring up excitement in the investment community.

According to the Wall Street Journal, Saudi Aramco’s market capitalization could be up to 20 times larger than that of Exxon Mobil.

Exxon Mobil currently has a current market capitalization of $317.34 billion.

Saudi Aramco had 261.1 billion barrels in recoverable crude oil and condensate reserves in 2014 and produced an average 9.5 million barrels of crude oil that same year.