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Aramco IPO to spur model economic reform: Saudi foreign minister

Prince Faisal sees upsides to less than $2 trillion valuation

Formally known as the Saudi Arabian Oil Co., Saudi Aramco is one of the world's largest oil and gas company.   © Reuters

TOKYO -- Saudi Arabia's campaign to curb its dependence on oil and diversify its economy "can be an example" for other oil-rich neighbors, the kingdom's foreign minister said Friday. 

The country is moving forward with what could be a record-breaking initial public offering of state-run oil giant Saudi Aramco to raise funds for new economic measures under Vision 2030, Saudi Arabia's economic reform initiative spearheaded by Crown Prince Mohammed bin Salman.

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