The chairman of Saudi oil giant Saudi Aramco was quoted as saying a possible initial public offering would not include the kingdom's oil reserves.

Chairman Khalid al-Falih made the comments to Saudi privately owned broadcaster Al-Arabiya in an interview from Davos, Switzerland. The Dubai-based broadcaster reported the comments Sunday.

Al-Falih also says the potential share flotation could take place on local or international markets.

Saudi Deputy Crown Prince Mohammed bin Salman told The Economist earlier this month that the kingdom was considering an IPO involving the Saudi Arabian Oil Co., better known as Saudi Aramco. The company is the world's largest oil producer.