Bengaluru: The process for initial public offering (IPO) of Saudi Aramco has stalled, the Wall Street Journal reported on Thursday. Saudi Aramco, the world’s biggest oil producer, has been expanding its global footprint by signing downstream deals and boosting the capacity of its plants ahead of the eagerly awaited IPO.

The Saudi Aramco IPO is a part of Saudi Arabia’s plan to open its economy but a senior Aramco executive told the WSJ that “everyone is almost certain it (IPO) is not going to happen".

Aramco did not immediately respond to a request for comment.