RIYADH, Aug. 23 (Xinhua) -- Saudi Arabia denied on Thursday media reports about the cancellation of Saudi oil company Aramco's initial public offering (IPO), Saudi Press Agency reported.

The Minister of Energy, Industry and Mineral Resources and Chairman of Saudi Aramco, Khalid Al-Falih, highlighted the commitment of the government to the IPO of the company when conditions are optimum.

He said that the timing will depend on multiple factors, including favorable market conditions and a downstream acquisition which the company will pursue in the next few months.

To prepare for the listing of Saudi Aramco, the government has undertaken major preparatory measures, including issuing a new income tax law, reissuing a long-term exclusive concession, and appointing a new board of directors.

The company, for its part, has completed its internal program for IPO preparedness.

The IPO and many other steps have been taken by Saudi government to diversify its economy to make it less dependent on oil revenues and transform the country into a regional financial hub.