Saudi Aramco has confirmed it is planning to list on the Riyadh stock exchange, in what could be the world's biggest initial public offering (IPO).
The state-owned oil giant will determine the IPO launch price after registering interest from investors.
Business sources say the Saudis are expected to make shares available for 1% or 2% of the firm, and the offer will be for existing company shares.
Saudi Aramco is thought to be worth about $1.2tn (£927bn).
The firm said it has no current plans for a foreign share listing, saying long-discussed plans for a two-stage IPO including an offering on a foreign exchange had been put aside for now.
"For the (international) listing part, we will let you know in due course. So far it's only on Tadawul," Aramco chair Yasir al-Rumayyan told a media conference, referring to the Saudi stock exchange.
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Chris Beauchamp, chief market analyst at derivatives traders IG Group, said: "Investing in Aramco carries risks, of course, and not only that oil prices will struggle to move higher.
"Political and strategic risks are high for any firm operating in the region, not least one which is an arm of the Saudi state. Aramco also has limited control in output policy, a key part of Saudi Arabia's Opec management."