Saudi Aramco starts IPO process

Saudi Arabia's state-run oil company says it has begun the process of listing its shares on the domestic stock exchange for what could be the world's largest initial public offering.

Crown Prince Mohammed bin Salman is pushing ahead with economic reforms to reduce the country's dependence on oil revenue.

The IPO is started to be aimed at raising money from investors for the reforms.

Saudi Aramco officials did not disclose the percentage of shares to be sold or the initial offer price.

But the oil giant is expected to complete the listing process next month.

Aramco says it has not decided whether to list its shares on foreign stock exchanges.

Oil facilities in Saudi Arabia were attacked in September, reminding investors of the potential for instability in the Gulf region.

Market watchers say risk awareness is spreading and crude oil prices are sluggish due to the global economic slowdown.

They say the Saudi Arabian government may have decided to list the company on the domestic bourse first in order to avoid a severe evaluation by foreign stock markets in the current situation.