Saudi Arabia Calls Off State-Owned Crude Oil Exporter, Aramco’s IPO

Saudi Arabia has scrapped its plans to list shares of state-owned energy giant Aramco on stock exchanges. However, the kingdom’s powerful crown prince still wants to take Aramco public at some point in the future as the IPO is now less urgent because oil prices have rebounded above $70 a barrel, relieving pressure on Saudi finances.

The financial advisors working on the proposed listing have been disbanded, as Saudi Arabia shifts its attention to a proposed acquisition of a “strategic stake” in local petrochemicals maker Saudi Basic Industries Corp.