Saudi Arabia is preparing for a multi-billion-dollar share sale for its oil and gas company Aramco, potentially as early as June, Report informs referring to Reuters, citing sources.

The sources added that the divesture could fetch approximately $10 billion for the Saudi government.

The sale’s specifics are still being worked out, and people with knowledge of the situation told the publication that the arrangements could alter.

Aramco’s shares are set to be listed in Riyadh in a fully marketed offering, distinguishing it from a quick, accelerated sale.

Aramco declined to comment on the specifics of the share sale, stating that “decisions about share sales are matters for our shareholders and are not something we are able to comment on.”

Attempts to reach the government’s communication office for comment were unanswered, the publication said.

Financial institutions such as Citigroup, Goldman Sachs, and HSBC are anticipated to manage the sale.

This move is part of Saudi Arabia’s broader Vision 2030 economic strategy, which aims to diversify the kingdom’s economy and reduce its dependency on oil revenues.

The Saudi government, which holds a 90% stake in Aramco, relies on the company’s financial returns.

Aramco has announced its intention to distribute $31 billion in dividends, despite a downturn in first-quarter earnings.

For Q1 2024, Aramco reported a net income of $27.27 billion, marking a 14.4% decrease from $31.87 billion in the previous year’s corresponding quarter.