The oil giant is now considering a plan to raise as much as $50 billion in a domestic listing, the Journal said citing unnamed sources. It added that the world's biggest energy firm favours Tokyo as a possible venue for the second phase of the proposed plan. If confirmed, that would be a setback for London, New York and Hong Kong, which have all vied for a slice of the much-touted IPO.
Political uncertainty in Britain over its plan to exit the European Union and public protests in Hong Kong had diminished their prospects, the Journal cited Saudi officials and advisors as saying.
Aramco did not immediately respond to AFP's request for comment. The planned IPO forms the cornerstone of a reform programme envisaged by Crown Prince Mohammed bin Salman to wean the Saudi economy off its reliance on oil.