Aramco continues preparations towards an IPO. But relatively minor ones. The key disclosures needed for the favored location of New York within the stipulated end-2018 timeframe are nowhere to be seen.

With Aramco IPO planning ending 2017 on a muted note, the state energy giant has started this year on a positive footing.

In a key move towards achieving the 5% equity share listing – officially planned for the second half of this year – Riyadh on 1 January announced it was...