• 4 minutes Will We Ever See 100$+ OIL?
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 11 minutes Energy Outlook for Renewables. Pie in the sky or real?
  • 17 mins Shale Oil will it self destruct?
  • 18 hours Berkeley becomes first U.S. city to ban natural gas in new homes
  • 9 hours Today in Energy
  • 31 mins Iran Captures British Tanker sailing through Straits of Hormuz
  • 4 hours Drone For Drone = War: What is next in the U.S. - Iran the Gulf Episode
  • 5 hours Oil Rises After Iran Says It Seized Foreign Tanker In Gulf
  • 1 day Mnuchin Says No Change To U.S. Dollar Policy ‘As of Now’
  • 1 day Populist, But Good: Elizabeth Warren Takes Aim at Private-Equity Funds
  • 2 days Migration From Eastern Europe Raises German Population To Record High
  • 23 hours Why Natural Gas is Natural
  • 20 hours LA Solar Power/Storage Contract
  • 2 days Washington Post hit piece attacking oil, Christians and Trump
  • 2 days Excellent Choice: Germany's Von der Leyen Secures Powerful EU Executive Top Job
Clean Energy Is Doomed Without More R&D Spending

Clean Energy Is Doomed Without More R&D Spending

Climate change is a growing…

Oil Halts Slide On Crude Draw

Oil Halts Slide On Crude Draw

Oil prices regained some lost…

Saudi Aramco IPO Will Not Be Limited To Downstream Operations

Offshore oil rig

Saudi Arabian Oil Company, or Saudi Aramco, is gearing up to go public, and according to a chief executive officer Amin Nasser, the initial public offering will include all facets of the business—not just refining or distribution.

The company is expected to release the list of banks and consultants advising it in the IPO process “very soon,” although Nasser has yet to provide a specific date. Saudi Aramco will list its shares on the Saudi stock market, and may include London, Hong Kong and New York, according to Nasser.

Saudi Arabia wants to sell 5 percent of its shares in the trillions-of-dollars company sometime in 2018 under a plan to create revenue and re-work its economy in the face of lower crude oil prices. The Saudi government hopes to raise approximately $100 billion from the IPO. Deputy Crown Prince Mohammed bin Salman first announced the planned sale in April.

Nasser commented, “We need to do a lot of internal work to prepare for this listing. We are listing a part of the entire company, and not just downstream.” He added “There are no obstacles for the IPO of Aramco. It’s going very smoothly, and we are on target. We achieved a lot of progress so far. People have to appreciate the size of Aramco and its complexity.”

Nasser said that the company is set to review its budget, and that the spending program is “active and evolving…We are one of the few companies that is still investing. We will continue to invest in our core business. Our rigs are increasing, and our overall activities are increasing.”

Saudi Arabia continues to produce record amounts of oil, reaching 10.58 million barrels per day last month. On the natural gas front, Saudi Aramco is looking to double its total production capacity over the next ten years.

By Lincoln Brown 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
Download on the App Store Get it on Google Play