Saudi Aramco board sees too many legal risks in New York IPO

A Saudi Arabian Oil Co. (Aramco) logo sits on an electronic display at the company's corporate pavilion during the 22nd World Petroleum Congress in Istanbul, Turkey, on Wednesday, July 12, 2017. Photographer: Kostas Tsironis/Bloomberg Photo by Bloomberg

The board of Saudi Aramco has determined that listing the state energy giant in New York would carry too many legal risks to make it a realistic option, five sources said, although they said a final decision lay with Saudi Arabia’s crown prince.

New York was the exchange favored by Crown Prince Mohammed bin Salman before plans for the initial public offering were put on hold last year, the sources said, even after Aramco‘s lawyers and some government advisers had raised legal concerns.

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