Saudi Aramco is considering a plan to split the world’s largest IPO into two stages, offering a portion of its shares on the Saudi stock exchange later this year and following up with an international offering in 2020 or 2021, according to advisers and officials familiar with the plans.

The company is leaning toward Tokyo as the venue for the second phase of its proposed plan, these people said, as political uncertainty in the UK and China reduces the appeal of markets in London and Hong Kong.