Domestic only—the key aspect of Aramco IPO

The state energy giant’s decision to proceed with a share sale is no surprise, but the lack of an international listing is a crucial point

“A significant milestone in the history of the company and important progress towards delivering Saudi Vision 2030”. Thus Yasir al-Rumayyan, chairman of state-owned oil production Saudi Aramco and governor of the country’s Public Investment Fund (PIF), described the early November announcement that the firm would pursue a public offering of a small volume of its shares on the Saudi domestic stock exchange.     The timing of the initial public offering (IPO) —and, at times, even whether it would ever happen—had been the subject of speculation, almost since the idea that a small portion of Aramco would be offered to the public was first mentioned in April 2016, when Crown Prince Mohammed bin S