Saudi Aramco confirmed that its initial public offering (IPO) remains on track for next year, Reuters reports.

Last week, Bloomberg reported that Saudi Arabia was preparing contingency plans in case the IPO was delayed into early 2019.

“The initial public offering of a stake in Saudi Aramco remains on track,” the company stated in an email to Reuters.

The country plans to sell up to a 5% stake in its state oil company during the latter half of 2018, Bloomberg reported.