Saudi Arabia has insisted that it remains committed to an IPO of national oil company Saudi Aramco, but said the listing would go ahead “at a time of its own choosing when conditions are optimum.”

The government statement follows months of signs that the kingdom was unwilling or unable to forge ahead with a planned flotation, which could be the largest ever, and a Reuters report saying both the proposed domestic and international stock listings had been called off, with IPO advisers disbanded.

Khalid Al Falih, the Saudi energy minister, issued the statement early on Aug. 23 dismissing “speculation surrounding the cancellation of the IPO as not true.”