March 27, 2017 / 12:30 PM / in 4 months

Tax cut brings Saudi Aramco in line with international benchmarks: CEO

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Amin H. Nasser, president and chief executive officer of Saudi Arabian Oil Company (Saudi Aramco), speaks at the China Development Forum in Beijing, China, March 19, 2017.Shu Zhang

JEDDAH (Reuters) - The cut in income tax paid by national oil giant Saudi Aramco to 50 percent from 85 percent brings the company in line with international benchmarks, chief executive Amin Nasser said in a statement on Monday.

Earlier, the tax was cut in a royal decree, part of preparations for an initial public offer of shares by Aramco next year, which is expected to be the world's largest equity offer.

Reporting by Reem Shamseddine; Writing by Andrew Torchia

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