Saudi Arabia is reportedly considering two options for the shape of Saudi Aramco for the IPO next year: a global industrial conglomerate, and a specialised international oil company. When the plan was publicly released in June last year, it pledged to "transform Aramco from an oil-producing company into a global industrial conglomerate". But now Saudi officials and their advisers are debating whether to make Aramco "a specialized company focused purely on oil and gas”. One option under study is moving all businesses not related to oil to a separate entity before the IPO, although this would be a complicated process, the sources said. (Reuters)