Saudi Arabian newspaper al-Eqtisadiah on Sunday said that its report of oil giant Saudi Aramco planning a stake sale was wrong. The publication had reported that Aramco was planning to sell 49 percent of its shares over the next decade.
The report, which was published on Saturday, was "completely wrong and far from reality," and not based on a verified source, the newspaper clarified. It apologised for the mistake, Reuters reported.
The Saudi Arabian petroleum and natural gas company plans to sell some of its shares in 2018, in what is being considered world's biggest Initial Public Offering (IPO). Aramco's CEO Amin Naseer had said two months ago that a floatation of about five percent was being considered by the company.
However, the exact size of the stake sale will be decided by the Saudi Supreme Council.
It was reported earlier that Saudi Aramco is looking at global expansion and is exploring joint ventures in countries such as India, Indonesia, China, the United States and Vietnam. The company's expansion plans come at a time when Saudi Arabia is revamping its energy sector to meet the challenges arising out of falling crude oil prices.
"We are looking at the current market status that, even though challenging, is an excellent opportunity for growth," Nasser told reporters during a rare media visit to the company's facility at Dhahrun in Damam city in October.
Saudi Aramco currently has a capacity to produce 9.5 million barrels per day (bpd) and exports about 2.5 billion crude oil annually.
