"The Government remains committed to the IPO of Saudi Aramco at a time of its own choosing when conditions are optimum," the minister said in a statement, carried by the state news agency, SPA.
In the meanwhile, he said, Saudi authorities are preparing for the flotation by issuing a new income tax law and appointing a new board of directors, among other measures.
The minister assured stock exchanges that Aramco had completed an internal program for IPO preparedness by converting to a joint stock company and independently certified its oil reserves.
"This is all positive progress on what is a complex process, preparing the company and the Kingdom for what will ultimately be a global landmark market offering of unprecedented quality and scale," he added.
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This came in response to an article by Reuters which cited industry sources as saying Wednesday that the company’s plan to sell about 5 percent of shares via domestic and international stock listing had been shelved or called off.
