Saudi Aramco is planning to list 1% of its shares on the Saudi Stock Exchange (Tadawul) before the end of 2019, and then list another 1% in 2020, Reuters reported.

The news comes shortly after media reports pointed to a plan to split the long-awaited initial public offering (IPO) into two phases, with one taking place in the Saudi local market and the other being on an international exchange.

Now, it is expected that the local listing itself will be implemented gradually, as Aramco reportedly views the listing of a smaller stake as an easier target, especially in terms of liquidity, which could help speed up the process.

Newly appointed Saudi Minister of Energy, Prince Abdulaziz bin Salman, told reporters earlier that he is looking for the IPO to take place as soon as possible.

It remains unknown when the listing on Tadawul will be announced, however, it is expected to be during the Future Investment Initiative (FII), an annual forum dubbed “Davos in the Desert” that will take place on October 20-31 in Riyadh.

Governor of the Saudi Public Investment Fund (PIF), Yasir Al-Rumayyan, has been appointed as the new Chairman of Saudi Aramco.