New York Favored for Aramco Listing

Saudi Arabia favors New York for the main foreign listing of state oil giant Aramco, even though some financial and legal advisers have recommended London as a less problematic and low-risk option, people familiar with the matter told Reuters. A final decision on where to stage what could be the world's largest initial public offering will be taken by Crown Prince Mohammad bin Salman who oversees the kingdom's economic and energy policies, the sources said. Their comments point to internal disagreements between what some advisers are recommending and what the crown prince wants. Prince Mohammad may choose to list Aramco on the New York Stock Exchange for "political considerations", given the longstanding relationship between Riyadh and Washington, the sources said. However, they added that financial and commercial factors would also play a role in the choice. Aramco said in a statement that no decision has been taken yet on the listing venue, beyond the Saudi exchange Tadawul. All options continue to be under consideration.