The announcement comes just three weeks after Aramco initially delayed the process to secure more investors, and three years after Crown Prince Mohammed bin Salman proposed the idea of the oil giant going public.
Those potential risks were highlighted in September when drone attacks hit the Abqaiq oil facility and the Khurais oil field in Saudi Arabia, both owned by Aramco.
"An important function of the domestic IPO is to project confidence in the company towards the global market", said Cinzia Bianco, Gulf research fellow at the European Council on Foreign Relations.
As Yasir Al-Rumayyan, chairman of Aramco and governor of the Kingdom's Public Investment Fund, said, it is a "milestone" in the company's 81-year history, and in the history of Saudi Arabia.
Aramco plans to release the IPO prospectus on November 9, Chief Executive Amin Nasser told a news conference in Dhahran, Saudi Arabia.
The Capital Markets Authority "has issued its resolution approving the Saudi Arabian Oil Company (Saudi Aramco). application for the registration and offering of part of its shares", the regulator said in a statement.
A final price for the stock will be set December 4, with shares then beginning to be traded on Riyadh's Tadawul stock exchange on December 11, the channel reported.
"If we consider an worldwide listing, it will be in the future", he articulated.
The company's initial offering will be on Saudi Arabia's Tadawul exchange.
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It also revealed that Aramco reported a net income of 68 billion US dollar in the first the nine months of 2019, while the company's revenues related to sales stood at 244 billion dollars for the same period.
Politically, matters are rather complicated for Saudi Aramco right now, in light of the recent Kashoggi scandal, said Mr Hunter. It was the most profitable company in 2018, with profits of $111 billion-equal to profits reported by U.S. giants Apple, Google and Exxon Mobil combined.
Last week, Energy Intelligence cited sources as saying they expect the Saudis to settle on a valuation of $1.6 trillion to $1.7 trillion.
If confirmed, that would imply the kingdom is ready to accept a compromise of less than the $2 trillion that the crown prince has long insisted the state oil giant is worth.
At a valuation of $US1.5 trillion ($2.2 trillion), Aramco would still be worth at least 50 per cent more than the world's most valuable companies, Microsoft and Apple, which each have a market capitalisation of about $1.4 trillion.
To help get the deal done, Saudi Arabia is relying on easy credit for retail investors and hefty contributions from rich locals.
Riyadh is also reportedly seeking to get wealthy Saudi families to buy a stake in the company while some Saudi commentators have sought to promote investment in the stock as a patriotic duty.
However, Aramco executives have encountered scepticism among institutional investors in London and NY on questions about the firm´s transparency, governance practices and targeted valuation, sources have told AFP.
"An important function of the domestic IPO is to project confidence in the company towards the worldwide market, but doing it domestically encounters no meaningful obstacle, comparable to doing an global listing", said Cinzia Bianco, Gulf research fellow at the European Council on Foreign Relations.
"Whatever this local round achieves, with domestic players being strong armed into investing, worldwide investors are still going to value this well below the expectations of (Crown Prince) Mohammed bin Salman", said Rory Fyfe, managing director at Mena Advisors.