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Saudi Arabia formally announces Aramco IPO

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Saudi Arabia officially announced plans to launch an initial public offering for its state-owned oil company Saudi Aramco.

Officials say a domestic listing will happen in December, following by an international debut later.

“Our mission is to provide our shareholders with long-term value creation through crude oil price cycles by maintaining our pre-eminence in oil and gas production, capturing additional value across the hydrocarbon value chain and profitably growing our portfolio,” said Amin Nasser, president and CEO of Saudi Aramco.

Read more from CNBC.

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