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Saudi Arabia's oil minister has tried to reassure the country and possible investors about rumours emerging this week that a planned IPO of state-owned oil giant Aramco could be shelved.
Chinese state-owned oil companies are reportedly looking to directly purchase a five percent share in Saudi Aramco that the kingdom is considering listing as an IPO in 2018.
Saudi Arabia is keeping its options open on the sale of Aramco shares, following reports that the IPO could be limited to the Riyadh stock exchange.
Oil prices have increased after Saudi oil giant Aramco announced cuts in supplies to the Asia market.
Saudi Arabia's state oil company Aramco has delivered the first two oil shipments to Egypt after deliveries were suspended for several months over political differences, an oil ministry spokesperson said.
Cairo and Riyadh continue to deny that rising tensions caused the halt in oil shipments, which are due to resume 'very shortly'.
Saudi Arabia oil giant Aramco is set to go public next year in probably the world's biggest IPO. Added to its portfolio is a new investment in Malaysia.
Saudi Arabia's energy minister has confirmed that an independent audit of Saudi Aramco will reveal reserves ahead of an IPO, expected in 2018.
Saudi Arabia has said there will be no oil supplies to Egypt 'until further notice' as speculation arises that Cairo might seek help from Tehran.
The Saudi kingdom's national oil company will open its books and give investors unprecedented access to its accounts ahead of its launch on the stock exchange in 2018