Saudi Arabian authorities have rejected plans to initially float a five-percent stake in the world's largest oil company Saudi Aramco, Reuters reported. 

This transaction was the main part of the global plan to restructure the economy of the kingdom.

According to the source, international financial consultants working on the IPO were recalled by the Saudi authorities some time ago. Officially, this has not been reported yet.

Financial advisers working on the planned listing have been disbanded as Saudi Arabia shifts to an acquisition of a “strategic stake” in local petrochemicals maker Saudi Basic Industries Corp.

Now 70 percent of its shares belong to the main sovereign fund of the kingdom, another 5.7 percent to the state social insurance fund.

The deal to sell five percent of Saudi Aramco on the exchange was announced by Crown Prince Muhammad bin Salman in 2016. It was to become the main part of the global Vision 2030 program to reform the economy and social life of Saudi Arabia.

The authorities estimated the value of the package at 100 billion dollars, and the whole company - in two trillions. The deal was repeatedly postponed.