Saudi Arabia is leaning toward listing its giant, state-run oil company in New York, having soured on the idea of floating its shares on an Asian stock exchange, The Wall Street Journal reported Monday citing people familiar with the matter.
The world's largest oil company is also considering listing its stock in London or Toronto, according to the report.
Earlier this month, The Financial Times reported that Moelis(MC) - Get Report , a New York based boutique investment bank, had won the largest-ever equity advisory mandate for Saudi Aramco'slong anticipated initial public offering.
According to the Financial Times report, Saudi officials expect the deal to be valued at about $2 trillion, which would make it the world's most valuable publicly traded company.
Aramco's sale of a 5% stake in the state-run company is expected to close next year, the report said, noting that size and timing could change.
The offering is part of the the deputy-crown prince Mohammed bin Salman's effort to diversify Saudi Arabia's economy away from oil and privatize the oil industry to boost employment, the report noted.