The Saudi Arabian Oil Company or Saudi Aramco, the world’s largest oil producer, said it is considering selling shares in an initial public offering (IPO), as part of Saudi Arabia’s efforts to privatize industries.

Aramco said “It has been studying various options to allow broad public participation in its equity through listing in the capital markets of an appropriate percentage of the company’s shares,” the company said in a statement. The company may also list shares of its oil refinery subsidiaries, it said.

After the company’s study is completed, the board of directors will make its recommendations to the Saudi Aramco Supreme Council, which is headed by Deputy Crown Prince Mohammed bin Salman.

“This proposal is consistent with the broad and progressive direction pursued by the Kingdom for reforms, including privatization in various sectors of the Saudi economy and deregulation of markets,” the company said.

Aramco has been closely held and a major player in the Organization of Petroleum Exporting Countries or OPEC.