• 5 minutes Malaysia's Petronas vs. Sarawak Court Case - Will It End Up In London Courts?
  • 9 minutes Sell out now or hold on?
  • 16 minutes Oil prices going down
  • 2 hours Oil prices going down
  • 18 hours We Need A Lasting Solution To The Lies Told By Big Oil and API
  • 2 hours After Three Decade Macedonia End Dispute With Greece, new name: the Republic of Northern Macedonia
  • 5 mins Sell out now or hold on?
  • 6 hours What If Canada Had Wind and Not Oilsands?
  • 2 hours Two Koreas Agree To March Together At Asian Games
  • 39 mins Oil and Trade War
  • 19 hours Another WTH? Example of Cheap Renewables
  • 2 hours Geopolitical and Political Risks make their strong comeback to global oil and gas markets
  • 11 hours No LNG Pipelines? Let the Trucks Roll In
  • 6 hours Australia mulls LNG import
  • 11 hours China & India in talks to form anti-OPEC
  • 2 days Trump Hits China With Tariffs On $50 Billion Of Goods
  • 2 days Gazprom Exports to EU Hit Record
  • 17 hours The Permian Mystery
  • 18 hours The Wonderful U.S. Oil Trade Deficit with Canada
Venezuela Won’t Have Enough Oil To Export By 2019

Venezuela Won’t Have Enough Oil To Export By 2019

GlobalData recently projected that Venezuela’s…

3 Possible Outcomes From The OPEC Meeting

3 Possible Outcomes From The OPEC Meeting

With the OPEC meeting nearing,…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Crown Prince And Aramco Execs In Deadlock Over IPO Listing

Riyadh

The team in Riyadh planning Saudi Aramco’s 2018 initial public offering are torn between offering the listing to London or New York, according to anonymous sources that spoke to the Wall Street Journal this week.

Aramco executives insist on listing in London to avoid legal consequences from unstable American attitudes towards Saudi Arabia. Meanwhile, Crown Prince Mohammed bin Salman leans towards New York, the financial hub with access to the most capital of all its counterparts.

A final decision regarding the location of the second listing, besides the one set for the KSA’s Tadawul exchange, had been expected before Ramadan. Two thirds of the Islamic holy month has passed, and bourses around the world are still waiting for an answer.

Morgan Stanley CEO James Gorman spoke of the Aramco IPO – the largest in financial history – as a “major opportunity” during the finance major’s banking conference in New York today.

Last month, C-suite executives from Morgan Stanley, JPMorgan Chase, and Citigroup visited Saudi Arabia for a business forum and to encourage Riyadh to pick New York.

Emerson, an American technology and engineering firm, has also been strengthening its ties with Aramco. Two days ago, CEO David Farr inked a memorandum of understanding with the state oil giant to digitally transform its domestic operations.

"This collaboration will aid in strengthening the digital transformation of Saudi Aramco," Farr said. "More doors will be opened for developing talent and training our workforce across the kingdom.”

Aramco chose Emerson and a slew of other U.S. companies to increase participation in the Saudi economy after a rough patch in bilateral relations last year.

In September, the U.S. Congress overrode President Barack Obama’s veto on a 9/11 Victims’ Bill that allowed family members of those who perished in the 2001 World Trade Center attacks to sue Saudi Arabia for the incident. Riyadh threaten to rattle American markets by withdrawing major investments if the bill became law, but no such blowback has occurred so far.

By Zainab Calcuttawala for Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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