Saudi Arabian Oil Co., as known as Saudi Aramco, has selected JPMorgan Chase & Co (NYSE:JPM), Morgan Stanley (NYSE:MS), and HSBC Holdings Plc to help the company go public. The world’s biggest oil company is preparing to offer its shares to the public in an initial public offering, which is expected to the world’s biggest-ever IPO. Saudi Aramco could get a valuation of around $2 trillion.

The global banks – JPMorgan Chase & Co., Morgan Stanley and HSBC Holdings Plc – will serve as advisers to the oil giant on the listing, Bloomberg News reported, citing people familiar with the matter.

According to the unnamed people, the bank will join Moelis & Co., Evercore Partners Inc. and Michael Klein, the former Citigroup Inc. investment banker, which will also facilitate the IPO.

Saudi Arabia is looking to cut its dependence on hydrocarbons as well as to set up the world’s biggest sovereign wealth fund. As part of its plans, the kingdom is aiming to sell as much as 5% of state oil producer Saudi Aramco.

Saudi Aramco is expected to go public next year. China Petroleum & Chemical Corp., as known as Sinopec, along with China Investment Corporation and China National Petroleum Corp. will reportedly invest in the Saudi Aramco IPO.

To facilitate the Saudi Aramco IPO, Saudi Arabia cut the tax rate paid by the oil giant to 50% from 85%, potentially raising its valuation to more than $1 trillion, according to estimates by Sanford C. Bernstein & Co. As a result of this tax cut, the company’s net income grow by 300%, according to the firm.

Saudi Aramco has the world’s largest daily oil production. It pumps about 10.3 million barrels per day. The company owns, operates and develops all energy resources based in the kingdom.

The company operates the world’s largest single hydrocarbon network, the Master Gas System. It also operates the Ghawar Field, the world’s largest onshore oil field, and the Safaniya Field, the world’s largest offshore oil field.