Saudi minister announces details of stock market listing of Aramco

Saudi Aramco will issue bonds in the second quarter of 2019 and the state oil giant will be listed 2021, Saudi Arabia's energy minister said on Wednesday. The valuation of Aramco would depend on the market but petroleum reserves would be one of the bases for establishing its value, Energy Minister Khalid al-Falih said. Banks including JPMorgan and Morgan Stanley were working on the planned stock market listing of Aramco before the plan to list the company and offer a 5 percent stake to other investors was pulled last year.