Saudi Aramco is targeting a 2018 listing date for its highly anticipated initial public offering.
Saudi Aramco CEO Amin Nasser said during the World Energy Congress on Tuesday that he feels “comfortable” that market conditions will allow his company to list its IPO in 2018, according to Reuters.
Nasser added that the company plans to offer up to a 5 percent stake through the IPO and is still considering all markets for the listing.
Nasser told Bloomberg earlier this month that the company’s IPO will sell shares in its entire business.
Nasser added Saudi Aramco expects to make a list of investment banks and consultants advising the firm on its IPO public “very soon.”
In an interview given earlier this year, Saudi Arabian Deputy Crown Prince Mohammed bin Salman said that Saudi Aramco is worth more $2 trillion.
“If 1 percent of Aramco is offered to the market, just 1 percent, it will be the biggest IPO on earth,” Prince Mohammed said in an interview seen by Reuters in April.
Saudi Aramco said in its 2015 annual review that it produced an average of 10.2 million barrels of crude per day, up from 9.5 million bpd in 2014 and all time high for the state-owned company.
Saudi Aramco vice president for procurement and supply chain management Abdulaziz al-Abdulkarim said last month that Saudi Aramco plans to invest about $334 billion by 2025, up from its previous spend of about $300 billion.