• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 9 hours Why Wind is pitiful for most regions on earth
  • 16 mins In a Nutshell...
  • 5 hours During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 1 hour Sources confirm Trump to sign two new Executive orders.
  • 2 days Joe Biden to black radio host, " If you don't vote for me you ain't black". That's our Democratic Party nominee ?
  • 3 days Happy 4th of July!
  • 2 days Putin Paid Militants to Kill US Troops
  • 3 days Putin Forever: Russians Given Money As Vote That Could Extend Putin's Rule Draws To A Close
  • 3 days Tesla Model 3 police cars pay for themselves faster than expected, says police chief
  • 3 days Victor Davis Hansen on Biden's mental acuity " . . unfit to serve". With 1 out of 5 Democrats admitting it. How many Dem's believe it but will not admit it?
  • 15 hours Coronavirus hype biggest political hoax in history
  • 3 days Apology Accepted!
  • 4 days The Political Genius of Donald Trump
Covid-19 Is Crushing This African Oil Exporter

Covid-19 Is Crushing This African Oil Exporter

Angola, one of Africa’s largest…

Venezuela’s Oil Production Continues To Plummet

Venezuela’s Oil Production Continues To Plummet

Venezuela’s crude oil production tumbled…

Retail Investors Are Warming Up To The Aramco IPO

Saudi Arabia’s IPO for its state-run oil company has reached 24.07 billion Saudi riyals, or US $7.21 billion, according to Reuters, citing the IPO’s lead manager, Samba Capital.

The final day for the share sale is Thursday, November 28, Samba said.

The retail segment of the IPO has reached a total of 845,101,020 shares, with a total anticipated IPO value of $25.6 billion through a 1.5% stake sale.

Aramco has had a tough go of attracting foreign capital for its local IPO, with major institutional investors such as Petronas and Norway’s US$1 trillion Government Pension Fund Global deciding not to invest at all, and with Russia saying it will not make a big investment.

Abu Dhabi, on the other hand, is planning to take up to a $1.5 billion stake into the Aramco IPO, through a state-linked entity or entities, Bloomberg reported on Tuesday, citing an anonymous source. Aramco representatives are meeting this week with some top Abu Dhabi funds and companies this week to discuss the possible investments, the sources said.

The media office for the Abu Dhabi government did not confirm that it was considering the stake, but if it did sink that much into the IPO, it would likely cover all the offerings for institutional side subscriptions, which were estimated at $15.57 billion as of November 21, according to Samba.

Saudi Arabian authorities have allegedly arrested nine high-profile people in the past several days for allegedly writing or speaking out in support of the Arab Spring uprisings, according to the Wall Street Journal—a poorly timed development on a day that coincided with today’s meetings with Abu Dhabi.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

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