• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 3 hours Science: Only correct if it fits the popular narrative
  • 3 hours Crazy Stories From Round The World
  • 6 hours What are the odds of 4 U.S. politicians all having children working for Ukraine Gas Companies?
  • 11 hours EU has already lost the Trump vs. EU Trade War
  • 1 day Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 4 hours China's Renewables Boom Hits the Wall
  • 1 day ''Err ... but Trump ...?'' *sniff
  • 6 hours Do The World's Energy Policies Make Sense?
  • 5 hours Forget out-of-date 'dirty oil' smear, Alberta moving to be world's cleanest oil industry
  • 5 hours Impeachment Nonsense
  • 1 day Tesla Launches Faster Third Generation Supercharger
  • 10 hours Water, Trump, and Israel’s National Security
  • 1 day Passerby doused with flammable liquid and set on fire by peaceful protesters

Breaking News:

Russia Plans To Boost Crude Oil Exports

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

Saudi Arabia Bullies Ultra-Rich Into Buying Aramco Stock

Saudi Arabia is hitting up its wealthy citizens to buy stock in the Saudi Aramco IPO, Bloomberg sources with knowledge of the matter said on Thursday.

The citizens Saudi Arabia is asking include the wealthy Olayan family—which has existing Aramco ties--as well as Prince Alwaleed Bin Talal who in 2017 ranked as the 45th richest person on the planet, with a net worth of $18.7 billion, according to Forbes

The Olayans are considering an investment in the realm of hundreds of millions of dollars’ worth of shares in Aramco. Other investors being courted include the Almajdouie family and the Al-Turki clan—both of which have sizable financial resources. These big names are pretty much expected to invest.

Even smaller investors are expected to invest, even if it means borrowing from banks on the cheap to do so—and rumor has it that the banks are willing to do just that.

But through all the listing promises and investment gathering and bank courting, the date of the IPO is far from a done deal, and details are still lacking.

Aramco’s prospectus for its long-delayed, much-hyped, mega IPO is set to be released on November 9, with the actual listing on the Tadawul expected to take place in December. The unknowns? The valuation, the number of shares to be sold, the share price, and the percentage of shares to be sold are all expected to be divulged then.

Still, some are bracing for a Saturday disappointment: the valuation HRH Mohammad bin Salman is after, of $2 trillion, appears to defy the laws of mathematics. That sticking point—and the issue over the listing venue--has cost the IPO two years in delays.

Estimates of Aramco’s valuation range from $1.22 trillion to $2.27 trillion, according to Bloomberg, although MbS has repeatedly stuck with his $2 trillion estimate.

By Julianne Geiger for Oilprice.com

More Top Reads from Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment
  • Binkley North on November 09 2019 said:
    If the Saudis want out there must be a problem; they've guarded their oil jealously for 3/4 of a century.
  • G H on November 09 2019 said:
    The offering is seemingly only happening because of numerous projections indicating continually decreasing oil demand into the future. Going out 200 years or so to the point of elimination from the commodities markets the price should follow suit. If this isn't the reason they are finally putting Aramco on the market perhaps the valuation makes some sense, but seemingly this is the reason, and the $2 trillion valuation makes no sense whatsoever.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play