Saudi Arabia's official announcement recently said Saudi Arabia has changed the state-owned oil company Saudi Aramco to a joint-stock company and is now in force. Industry insiders said that this procedural change means that Saudi Aramco can sell shares to outside investors, to further pave the way for listing.
The announcement said that Saudi Aramco has paid a total capital of 60 billion rial (about 16 billion U.S. dollars), 200 billion shares have been issued ordinary shares. The board of directors will have 11 members and will have the rights to list on the domestic and international markets. After the restructuring, the Saudi government is still a major shareholder of Saudi Aramco and will retain the final authority over the country's oil production.