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Yasir Al-Rumayyan is the new board chairman of Saudi Aramco.

Mark Lennihan/The Associated Press

Saudi Aramco’s new chairman Yasir al-Rumayyan said on Wednesday he would work with international parties and local ministries to prepare for a listing of the oil-producing giant, state-run Saudi news agency SPA quoted him as saying.

“I will work with my colleagues on Aramco’s board to secure the highest standards of transparency and efficiency,” Rumayyan said.

Aramco, the world’s biggest oil producing company, is preparing an initial public offering (IPO) of up to a 5-per-cent stake by 2020-2021.

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Selling the stake has been a centrepiece of Vision 2030, a plan to diversify the Saudi economy away from oil championed by Crown Prince Mohammed bin Salman.

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