Saudi Arabian Oil confirmed it is considering an initial public offering (IPO), which could see the crude producer leapfrog Apple as the world’s biggest listed company.

The company, known as Aramco, is studying whether to list “an appropriate percentage” of shares of the parent or a bundle of “downstream” units, according to a statement yesterday. The findings of the review will be presented to the board of directors, which will make recommendations to the company’s supreme council, Aramco said.

Deputy Crown Prince Mohammed bin Salman said in an interview published on Thursday the kingdom was considering an Aramco IPO as part of a package of economic reforms.

The company could be worth more than €1.9 trillion, said Danilo Onorino, portfolio manager at Dogma Capital in Switzerland.