Saudi Arabia is moving forward with an initial public offering of Aramco, its huge state oil producer with a monopoly on Saudi oil
London Saudi Arabia is moving forward with an initial public offering of its huge state oil producer that could shatter records and give investors the chance to own a piece of the world's most profitable company.
The Capital Market Authority of Saudi Arabia said in a statement Sunday that it has approved an application to list shares in Saudi Aramco. It did not say when the highly-anticipated IPO would take place or give details on its size.Aramco has vast oil reserves and massive daily output. It holds a monopoly in Saudi Arabia, the world's largest exporter of crude oil.
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