Saudi Aramco names company veteran to oversee IPO preparations

State oil giant Saudi Aramco has appointed company veteran Motassim al-Maashouq to officially oversee preparations for its initial public offering (IPO), industry sources told Reuters.

Maashouq, who most recently worked as vice president of corporate planning and is viewed by industry insiders as well connected with the financial community, has taken up the position of vice president of IPO development, the sources said.

Saudi Aramco said it did not comment on rumour or speculation.

The Saudi government plans to list up to 5 per cent of Aramco on the Saudi stock exchange in Riyadh, the Tadawul, and on one or more international markets. Analysts think this could raise $100 billion, based on Aramco being valued at $2 trillion.

The IPO is the centrepiece of the government’s plan, known as Vision 2030, to diversify the economy away from oil.

Yasser Mufti, executive director of new business development, has been named acting vice president of corporate planning, replacing Maashouq for an interim period, the sources said, speaking on condition of anonymity as the changes are not public.

Maashouq joined Aramco in 1984 and has worked as treasurer, as well as president and chief executive officer of Aramco’s previous affiliate in the Philippines, Petron Corp, among other positions. He is chairman of Saudi Aramco Luberef.