Saudi Arabian Oil Co. is focusing on buying a strategic stake in chemical giant Saudi Basic Industries Corp., putting work on its potential initial public offering on hold, according to people familiar with the matter. While the move will further delay the IPO, it does not mean the planned share sale is formally canceled, the people said, asking not to be identified because the matter is private. Aramco, as the company is known, wrote to some but not all of its advisers on the IPO and asked them to suspend work for now, one of the people said. The kingdom\u2019s energy minister, Khalid al-Falih, said in an emailed statement Thursday that the government is committed to the IPO \u201cat a time of its own choosing when conditions are optimum.\u201d The timing depends on multiple factors, including favorable market conditions and a downstream acquisition that the company will pursue in the next few months, he said. Al-Falih\u2019s statement came after Reuters reported earlier that Saudi Arabia had called off the domestic and international listing and disbanded its financial advisers, citing four unidentified industry sources. The Aramco IPO has been a centerpiece of Saudi Crown Prince Mohammed bin Salman\u2019s reform program to diversify the country\u2019s economy away from oil. Chief Executive Officer Amin Nasser said last month that a Sabic deal would affect the time frame for the IPO. IPO Planning The IPO process started in January 2016, when the crown prince said Riyadh was considering selling shares in Aramco, kicking off a deal set to be the world\u2019s largest-ever flotation. For almost two years, Saudi officials repeatedly said the IPO was "on track, on time" for the second half of 2018. They said earlier this year that it would be delayed into 2019. In May, al-Falih said that the sale would "most likely\u201d happen next year. The proposed deal for Aramco to buy a stake in Sabic from Saudi Arabia\u2019s Public Investment Fund, which was announced last month, marked a shift in emphasis. The sovereign wealth fund\u2019s stake is worth about $70 billion, and Aramco is said to be considering an international bond to finance the deal. The international IPO is proving difficult for several reasons. The crown prince has said Aramco should be valued at $2 trillion or more, but some analysts put the figure much lower. Saudi authorities are also struggling to reconcile their desire for the biggest possible pool of capital, likely in New York or London, with their preference for less-stringent regulation, which would point to Hong Kong.