(Bloomberg) -- Saudi Aramco will pay a base dividend of $75 billion next year as the government tries to lure investors to an initial public offering of the state oil company.

The payments are part of plan for a growing, progressive dividend to investors, according to a corporate presentation posted on the company’s website on Monday. The proposed payment compares with $58 billion in 2018.

The presentation also showed a changed schedule for royalty tax payments on oil production. Payments will be lower below $70 a barrel, but higher above that level.

The state-run company plans to announce its intention to float around Oct. 20, according to people with knowledge of the matter. The firm, which held analyst meetings last week, is targeting a valuation of at least $2 trillion -- more than double that of Apple Inc.

To contact the reporter on this story: Matthew Martin in Dubai at mmartin128@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

©2019 Bloomberg L.P.