Reuters reports that Saudi Arabia is ready to go public.

Saudi Aramco’s CFO, in the company’s first-ever conference call, told investors that the company is ready to go public, but that the exact timing of the event will be up to the Kingdom of Saudi Arabia.

Wow! Saudi Aramco as a stock, here we come. My guess is that the timing of the IPO will be based on optimum market conditions.

Sources have said that the Saudi government wants Saudi Aramco to be a publicly traded company in 2020. The IPO will be the largest new issue event ever. Saudi Crown Prince Mohammed bin Salman would like to see Aramco valued at $2 trillion. That would be roughly the value of both Apple and Amazon combined!

I can’t help but think that Saudi Arabia’s desire to go public has to do with the fact that Brent crude futures are down -20% over the past year.

Brent oil is down -20% over the past year.

A -20% drop in the price of oil must be hurting Saudi Arabia and so they are looking to raise money by listing on U.S. markets.

Saudi Aramco earlier reported first half net profits of $46.9 billion, down from $53 billion last year due to the impact of lower oil prices.