• 3 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 8 minutes Why Is America (Texas) Burning Millions of Dollars Per Day Of Natural Gas?
  • 11 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 15 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 8 hours The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 5 hours Greenpeace claims one oil rig is "pushing the world closer to a climate catastrophe"
  • 2 days Hormuz and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack
  • 23 mins Hydrogen FTW... Some Day
  • 12 hours The Latest: Iranian FM Says US Cannot Expect To ‘Stay Safe’
  • 4 hours Middle East on brink: Oil tankers attacked off Oman
  • 1 day Russia removes special military forces from Venezuela . . . . Maduro gone by September ? . . . Oil starts to flow ? Think so . .
  • 11 hours Emmissions up, renewables nowhere
  • 1 day Plants are Dying
  • 2 days The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 2 days Never Knew Gasoline Prices were this important!
  • 2 days We Are Better Than This
  • 2 days (Un)expectedly: UK Court Sets Assange U.S. Extradition Hearing For February 2020
Alt Text

Oil Resilient Despite Trade Talk Failure

Oil prices fell and quickly…

Alt Text

Oil Set For Worst Monthly Drop Since November

Oil prices continued to slide…

Alt Text

Oil Just Had Its Worst Run Since 2008

Oil prices have entered bear…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Trending Discussions

Goldman Sachs Vies For Role In Aramco IPO

Goldman Sachs has bought in the secondary market part of Saudi Aramco’s US$10-billion revolving credit facility as the U.S. investment bank vies for a role in what would be the world’s biggest IPO when the Saudis list 5 percent of their oil giant next year, Reuters reported on Thursday, quoting sources familiar with the deal.  

Goldman Sachs is said to be following the common market practice of establishing relations with a company via a loan transaction, before entering in other deals.

According to two of Reuters’ sources, Goldman Sachs bought several million dollars of Aramco’s US$10-billion revolving credit facility from Australia and New Zealand Banking Group.

Saudi Aramco signed the credit facility with 27 banks in March 2015. The list of the banks that signed the original loan included American, European, Asian, and Middle Eastern banks, but not Goldman Sachs. But units of banks such as Citi, Deutsche Bank, BNP Paribas, JPMorgan Chase, and HSBC were part of the original list.

According to Reuters’ sources, Goldman Sachs has been “shopping around” to gauge if other banks would be willing to exit the facility.

In March this year, Reuters reported that Aramco had formally appointed JPMorgan Chase, Morgan Stanley, and HSBC to be international financial advisers for the IPO.

Now Goldman Sachs is expected to join those three banks in the capacity of a global coordinator and bookrunner, two of Reuters’ sources said.

Related: Aggressive U.S. Oil Sanctions Could Bankrupt Venezuela

As for the IPO venue, recent reports suggest that Saudi Arabia’s advisors favor London over New York for the listing. Meanwhile, in the UK, the Financial Conduct Authority (FCA) is proposing to amend listing rules that would accommodate Aramco, but the proposal faces criticism by money managers and leaders who see the change as compromising London’s reputation.  

Aramco wants to sell just 5 percent, but under FCA rules, a company qualifies for a premium listing only if it has a minimum 25 percent free float, meaning that Aramco’s 5-percent listing would fall significantly short of qualifying—that is, unless the listing rules were changed to accommodate it.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment
  • Dan on August 04 2017 said:
    Bad news for the Saudis. Better send them some Vaseline.

Leave a comment





Oilprice - The No. 1 Source for Oil & Energy News