What will the corporate governance look like at Aramco?  How much say will minority investors have in the operations of the company?  

Other state-controlled oil companies, like PetroBras, are not run to maximize returns to shareholders, they are run to fulfill the political and social goals of the country.  Is that what you want if you are a shareholder in Saudi Aramco?  I doubt it - so stay away from this, unless you want to short it vs. other oil companies that are truly run like businesses.  Either that or it should trade at a huge discount to its peers.