Riyadh-Mubasher: The planned initial public offering (IPO) of the world's largest oil firm Aramco will not include oil reserves, Chairman Khalid Al-Falih told Al Arabiya satellite channel.
On the sidelines of the World Economic Forum held in Davos, Al-Falih said legal studies were to be conducted to make sure reserves are not included in Aramco’s assessment and that the IPO would be focused on capabilities in turning production from reserves to financial gains.
Aramco owns crude reserves of about 265 billion barrels, or more than 15% of all global oil deposits.
"All options are open ... the IPO could be on local or international markets," the Chairman said.
He added that the reserves would not be sold, but the company's ability to produce from the reserves is being studied.
