(Yicai Global) Feb. 6 -- The chief of the Hong Kong Special Administrative Region has traveled to Riyadh to invite Saudi Aramco, the Saudi Arabian petroleum and natural gas behemoth, to list its shares in the SAR.

Chief Executive Li Jiachao arrived in the capital of Saudi Arabia yesterday to begin a week-long trip to the Middle East, according to a press release of the SAR government.

In 2020, it was rumored that Saudi Aramco has started preparing for a secondary listing overseas, targeting Asia. The Dhahran-based firm completed its USD29.4 billion initial public offering on the Saudi Stock Exchange in December 2019 with a greenshoe option but the planned overseas share sale has been proceeding slower than expected.

Hong Kong is an international financial center for asset and risk management, Li said. With many professionals, the area's free capital flows are popular among sovereign funds and companies in various regions, he added. Besides oil, Saudi Aramco has diversified businesses, Li said, adding that he will introduce Hong Kong’s advantages and encourage the company to participate in the SAR's development.

Li commented on whether the Hong Kong Stock Exchange might lower the listing threshold for the oil giant. "We will make efforts in this, trying to get more business opportunities for Hong Kong."

Saudi Arabia published financial data of the world’s largest oil producer for the first time in 2018 to promote the company’s listing, marking a shift in confidentiality since the firm was nationalized in the 1970s.

Editor: Emmi Laine, Xiao Yi