Saudi Aramco’s CEO, Amin Nasser, stated that company’s initial public offering (IPO) would be more suitable during 2018 when oil prices would have recovered and the market conditions improved, reported Reuters.

Nasser confirmed that 5% of shares in the Saudi petroleum giant will be available in the IPO. He added that all markets were still being considered, emphasizing that the final decision lay with Deputy Crown Prince Mohammad Bin Salman, according to Gulf News.

The partial privatisation and reform of Saudi Aramco is a centre-piece of the country’s 2030 vision aimed at modernizing the kingdom and diversifying its economy.

Earlier in August, Egyp Oil&Gas wrote in related news that Saudi Arabia’s Capital Market Authority announced new rules permitting foreign investors to buy shares directly in IPOs. The new policy would take effect at the start of 2017, and could help the government sell billions of dollars in state companies including oil giant Saudi Aramco.