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11/3/2019 12:00:00 AM

Saudi Aramco has officially announced its intention to float some of its shares on the Saudi exchange (Tadawul). The final offer price, number of shares to be sold, and percentage of shares will be determined following the book-building period.

"The company’s strategy is underpinned by long-term, exclusive access to the Kingdom’s unique hydrocarbon resources, which it manages in order to optimise production and maximise long-term value," said Yassir Othman Al-Rumayyan, chairman of Saudi Ararmco. "At the same time, the Company seeks to preserve the low carbon intensity of its crude oil production to demonstrate its ongoing commitment to sustainability.

"The company has a strong track record of creating value for its current shareholder, the government. I look forward to welcoming new shareholders who, I am confident, will benefit from the company’s reliability and continued growth."

The company confirmed that it plans to declare $75bn ordinary cash dividends in 2020.