Saudi Aramco will be ready for an initial public offering in the second half of 2018 and the work is ongoing, said Amin Nasser, the chief executive officer of the state oil company.
"We are doing a lot of work to prepare the company for listing," he said.
The venue and the timing will depend on the government, Nasser said. "Don't forget this is a very complex process. Aramco's size and complexities is something that requires time."
Saudi Arabia is planning to list up to 5 percent of Saudi Aramco in the offering. A successful IPO could give the company a total valuation of up to $2 trillion, making it the world’s biggest oil company by market capitalization.
The company could be floated either domestically or internationally late this year, said Saudi Energy Minister Khalid al-Falih.