The IPO proposal is consistent with the broader direction of economic reform in the kingdom, including state asset sales and market deregulation, Aramco said. Bringing in investors would also strengthen the company’s focus on long-term growth and the prudent management of its reserves, according to the statement.

Saudi Aramco, the kingdom's state oil giant, is seeking to borrow $4.7 billion from banks to refinance capital used to build a refinery in collaboration with China's Sinopec, three sources with knowledge of the matter said on Tuesday.

Saudi Aramco president and CEO Amin H. Nasser expressed his profound gratitude to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz, Crown Prince Mohammed bin Naif and Deputy Crown Prince Mohammed bin Salman bin Abdulaziz, chairman of the Saudi Aramco Supreme Council for the trust bestowed upon him to preside over Saudi Arabian Oil Company (Saudi Aramco).

Saudi Aramco, the kingdom's state oil giant, is talking to banks about raising a $5 billion loan related to a refinery it built in collaboration with China's Sinopec.

Saudi Arabia, the world’s largest oil exporter, deepened the discount at which it sells crude to Asia and the U.S., underscoring for some market watchers the kingdom’s commitment to defending its market share amid the recent rout in oil prices.

Asia is getting a greater choice of crude from Alaska North Slope to Venezuela’s Carabobo and Iraqi Basrah Light as the U.S. shale boom cuts American demand for overseas oil.

Saudi Arabia's oil exports totalled 1.84bn barrels generating nearly US $200bn in the first eight months of 2014, Al-Riyadh daily has reported.

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