Saudi Aramco 'absolutely ready' for IPO: minister

Saudi oil giant Aramco is "absolutely ready" for its long-awaited IPO but several regulatory procedures remain, the kingdom's economy minister told the Future Investment Initiative conference in Riyadh on Thursday. After reports that the initial public offering had been scrapped, Crown Prince Mohammed bin Salman said early this month that it will go ahead in late 2020 or at the start of 2021, two years later than expected. Saudi Arabia plans to sell up to five percent of the world's largest energy firm and hopes to raise up to $100 billion.

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