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Saudi Arabia’s state-owned oil company will go public on a foreign stock market next year, but leaders have yet to decide if they will follow President Trump’s request to offer stock on the New York Stock Exchange.
Oil giant Aramco, which The Economist has called “almost certainly the world’s most valuable company,” is preparing to go public sometime in 2018, chief executive Amin Nasser told Al Arabiya Television on Sunday, according to Reuters.
The company‘s shares will be listed on the Saudi stock market, Tadawul, but Nasser said a foreign market has not yet been determined. He listed New York City, Tokyo, Hong Kong and London as possibilities.
A decision will be made “at the right time,” he said, adding that a study will be done to determine the best option.
Saudi leaders have been considering the move since early last year.
President Trump last week made a public pitch for the company to list itself on the New York Stock Exchange.
Would very much appreciate Saudi Arabia doing their IPO of Aramco with the New York Stock Exchange. Important to the United States!
— Donald J. Trump (@realDonaldTrump) November 4, 2017
Trump has a close relationship with Saudi Arabia. The president visited the country over the summer, where he signed a $110 billion defense deal with King Salman.