Saudi Aramco’s $2 trillion float faces delay in listing wrangle

The plan to float the $2 trillion (£1.5 trillion) Saudi Aramco oil behemoth could be held back by several months, it emerged today.

Saudi Arabia was aiming to float 5% of the company, raising $100 billion, by late next year, but the process could be delayed as the company grapples with key issues, including where it should list the shares.

The remainder of the company will be floated on the Riyadh exchange.

New York and London are locked in a battle to land what would be a lucrative, if controversial, listing.

Bloomberg reports that the process could slip well into 2019. Saudi Aramco said that the float “remains on track.

“The IPO process is well under way and Saudi Aramco remains focused on ensuring that all IPO-related work is completed to the very highest standards on time,” it said.

London has already loosened several listings rules in a bid to lure the Saudis. Critics say it should not be so welcoming to a country which is alleged to have links to terrorists.

Saudi Arabia thinks the entire business is valued at $2 trillion but oil analysts have often given a lower valuation.

Its 32-year-old Crown Prince Mohammed bin Salman has launched a plan known as Vision 2030 to shift the Saudi economy’s dependence on oil.