Saudi Arabia is reportedly preparing to sell shares in oil giant Aramco for potentially $10 billion as early as June, according to Reuters' anonymous sources.

The Saudi Arabian Oil Group, more often known as Saudi Aramco, is Saudi Arabia's national oil corporation and a state-owned petroleum and natural gas firm. As of 2022, the Dhahran-based corporation was the world's number two revenue generator.

Saudi Arabia is Considering Celling Aramco Shares in June

Aramco's stock offer, which may reach about $10 billion, is expected to be one of the largest in the region.

The individuals said the specifics may change, but the preparations are still underway. They added that the shares would be extensively promoted and listed in Riyadh instead of a rushed sale over a few days.

According to Reuters, Aramco stated that decisions on share sales are exclusively for its shareholders. Thus, no more information was verified.

Reportedly, the transaction had previously been set up to be managed by banks such as Citigroup, Goldman Sachs, and HSBC.

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As Aramco's Biggest Shareholder, Saudi Arabia Relies on Its Dividends

Vision 2030, Saudi Arabia's economic transformation plan, prioritizes growth in areas other than oil and an expanding private sector. With a 90% stake, the Saudi government is still Aramco's largest stakeholder and depends significantly on its dividends.

In a Bloomberg report earlier this month, Aramco said that, despite decreased first-quarter profitability due to lower oil prices and quantities sold, the firm still plans to pay $31 billion in dividends.

Shares of Aramco have increased in value from their initial public offering (IPO) price of 32 riyals (about $9) to a peak of 38.64 riyals (about $10) a year ago.

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