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Aramco Fails To Bring Foreign Investors On Board

Market Movers

• Aramco has failed in terms of trying to bring foreign investors on board. So for now, the $26-billion Aramco IPO is very localized. That also means that the payday wasn’t nearly as lucrative for bankers. It might be the world’s most profitable company, but for bankers the fees ended up being 0.35% of the $25.6 billion raised, split between 17 of them. That’s only $90 million total--a wash when you consider how banks were salivating over the prospects just a couple of years ago.

• Poland is gearing up to halt gas imports from Russia at some point due to increased LNG imports primarily from Qatar and the U.S. We say “at some point” because it is not entirely clear yet, though the inference comes from the fact that the Polish state-owned natural gas company (PGNiG) has a supply contract with Gazprom that expires on December 31, 2022, and the company has said it does not intend to renew that.

• Russia’s Gazprom announced the sale of 3.6% of its shares in a second offering this year. This would complete the sale of its so-called quasi-treasury shares. The company stated earlier in the week that it would sell 850.6 million ordinary shares with the stake estimated to be worth $3.3bn. Gazprom reported on Friday that it had finalized a deal, selling that $3 billion of the company to a single buyer, the name of which it has not disclosed.

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