Saudi Arabia’s finance minister has confirmed the kingdom is exploring a private stake sale in state energy giant Saudi Aramco, with plans for an international listing just one option for a privatisation billed as the largest initial public offering in history. Mohammed Al-Jadaan said in an interview with the Financial Times on Thursday that while plans for listing Aramco internationally were still being debated at the highest levels of the kingdom, the only confirmed component was an offering on the domestic Tadawul exchange. Private stake sales to strategic investors are also being considered. The kingdom is aiming to finalise plans for the IPO’s full structure by the end of this year, Mr Al-Jadaan said. Bankers, lawyers and consultants are waiting for news on the offering that is expected to generate record fees, with the kingdom valuing the total company at more than $2tn. “We agreed and we have said publicly that Tadawul is for certain,” Mr Al-Jadaan said. “[But] are we going to go with an international market? If we go, where are we going? And if we go, are we going public or we are going private.” The Financial Times first reported this month that Saudi Arabia was considering shelving the international leg of the IPO in favour of a private stake sale to strategic investors, alongside a domestic listing on the Tadawul. The international listing could be delayed, according to people familiar with the IPO preparations, with one suggesting it could be abandoned entirely. Mr Al-Jadaan, one of the kingdom’s leading officials on the IPO project, said no “option” had yet been ruled out as the kingdom needed to complete “proper due diligence”. The New York Stock Exchange and London Stock Exchange have been vying to win the international leg of the IPO, with Hong Kong and Tokyo also pushing to be part of any listing. Mr Jadaan said all of these exchanges were being considered.