Saudi Aramco is preparing to present options for its part-privatisation to Saudi Arabia’s Supreme Council, CEO Amin Nasser told reporters on 10 May.

The options include floating less than 5 per cent of shares on the Saudi Stock Exchange (Tadawul), and a dual listing on a major foreign market.

The Supreme Council is led by Deputy Crown Prince Mohammed bin Salman al-Saud, who first announced the initial public offering (IPO) in early 2016.

Reports have also emerged that Aramco is offering strategic stakes to global oil majors. Saudi Aramco would then work closely with them on major projects and technology.

Saudi Aramco is also planning a global expansion through joint ventures. Nasser identified the US, India, Indonesia, Vietnam and China as potential targets.

Aramco is also planning a joint venture with Saudi Basic Industries Corporation (Sabic) to build a $30bn oil to chemicals project.

Saudi Aramco already has joint ventures internationally, including S-Oil, a South Korean oil refining and marketing company, Showa Shell, one of the largest refiners in Japan, TEAM Terminal, a storage and trans-shipment companies in Rotterdam, and Arlanxeo, a German rubber manufacturer.

US-based lender JPMorgan and Michael Klein, an investment banker who runs his own advisory boutique, have been appointed to advise on Sausi Aramco’s IPO.

Prince Mohammed bin Salman estimated that the company would be valued at over $2 trillion, but this depends on reserves and oil prices. The remaining ownership will be transferred to the Public Investment Fund (PIF).

Prince Mohammed is leading Saudi Arabia’s National Transformation Plan, which will privatise up to 150 state assets, and attempt to diversify the kingdom’s revenues away from oil.