The plans for the initial public offering (IPO) of Saudi Aramco are not linked to market developments, the company’s CEO, Amin Nasser, told Al Arabiya, Reuters reports.

“The public offering has never been linked to developments on oil markets,” Nasser stated.

Saudi Arabia is planning to offer an IPO of 5% of the company next year as part of its Vision 2030 plan to modernize the Saudi Arabian economy and lessen its dependence upon oil exports.

The IPO process has been beset by rumors this fall that it will be delayed or even shelved in favor of a private offering. Saudi Arabia has firmly denied the rumors and insisted that the IPO will proceed as planned next year.