Aramco’s listing is a major component of Vision 2030, a plan to diversify the kingdom’s economy away from oil. Saudi Aramco/Handout via REUTERS
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Saudi Arabia favors New York for the main foreign listing of state oil giant Aramco, even though some financial and legal advisers have recommended London as a less problematic and risky option, people familiar with the matter told Reuters.Several advisers have recommended London for the main listing outside Saudi Arabia, sources familiar with the matter told Reuters last month, partly due to concerns that a U.S. flotation would require greater disclosure of sensitive information on Aramco.One senior industry source, however, said New York is likely to be the favored option for the Saudi government and Mohammad. The New York and London stock exchanges declined to comment.Some Aramco employees secretly wish the whole idea would be shelved, sources say.Saudi industry sources dismissed JASTA as a reason for not listing in New York, noting that Saudi Arabia is believed to have hundreds of billions of dollars of investments in the U.S. already, including Aramco assets.While the London Stock Exchange has made winning the Aramco listing a priority, the NYSE has not offered any regulatory changes, a source familiar with talks between NYSE and Aramco told Reuters last month.
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