State-run Saudi Aramco, the world's largest oil company, and the New York Stock Exchange are in advanced talks about listing Aramco shares after the firm completes its planned initial public offering, Reuters reported on Friday.

Executives from both the New York Stock Exchange and London Stock Exchange are fighting to be the primary international listing for the IPO of Saudi Aramco. 

The two are in a race to house the world's biggest flotation ever, estimated to value the company between $1 trillion and $1.5 trillion when it goes public sometime next year, according to a survey of fund managers and institutional investors by EFG Hermes.

Both New York and London are viewed by Saudi officials and Aramco executives as the only two exchanges with the breadth of global investors, experience, and liquidity to manage an international listing of this size.

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Saudi Aramco is one of the largest oil exploring and producing companies in the world. It is nearly as big as Venezuela's oil reserves as a whole, larger than Canada's oil reserves and several times greater than its other global corporate competitors such as BP (BP) - Get Report ExxonMobil XOM, PetroChina, and Rosneft.

Saudi Aramco boasts crude oil and condensate reserves of nearly 260 billion barrels and nearly 294 trillion standard cubic feet of natural-gas reserves. Reports suggest that Saudi Arabia was the world's second-largest producer of crude oil and natural-gas liquids in 2014, with a production of 11.6 million barrels per day. Read Everything You Need to Know About the Aramco IPO.