SMBC Nikko Securities will be the bookrunner for Saudi Aramco’s much-hyped initial public offering (IPO), according to sources quoted by press sources. SMBC Nikko Securities is the first Japanese financial firm to enter the IPO deal, apart from dozen banks including U.S. and European banks, which have been hired by Aramco to manage its IPO as it seeks to tap a wider global investor base for a potential $20 billion local listing in Riyadh of around 1% of the company’s shares.

We had earlier reported that Aramco might be considering Tokyo to launch the second phase of its listing. Japan Exchange Group, the owner of the Tokyo Stock Exchange, has contacted Saudi Aramco for a possible meeting with company officials, who are planning to visit Japan in October, Japan’s Jiji Press quoted CEO Akira Kiyota as saying.

Meanwhile, oil prices are headed for a weekly loss, bogged down by slowing Chinese economy and a faster-than-expected recovery in Saudi output, according to a Reuters report. However, oil prices were steady today with Brent falling to 6 cents to $62.68 a barrel by 0919 GMT, while U.S. crude rose 18 cents to $56.59 a barrel. But both were down 2.6% on a weekly basis.

According to the report, Brent, which is on course for its biggest weekly loss in seven weeks, is just above its level before Sept. 14 attacks on Saudi facilities that initially halved the kingdom’s production. While there are reports that Aramco has restored its capacity to 11.3 million barrels per day, the company has yet to make any statements.

According to reports, key oil freight rates from the Middle East to Asia rocketed as much as 28% on Friday in the global oil shipping market, spooked by U.S. sanctions on units of Chinese giant COSCO for alleged involvement in ferrying crude out of Iran.

The International Energy Agency (IEA) also said on Friday that it might cut its growth estimates for global oil demand for 2019 and 2020 should the global economy weaken further.