• 7 minutes Get First Access To The Oilprice App!
  • 11 minutes Japanese Refiners Load First Iran Oil Cargo Since U.S. Sanctions
  • 13 minutes Oil prices forecast
  • 17 minutes Renewables in US Set for Fast Growth
  • 8 hours Chinese FDI in U.S. Drops 90%: America's Clueless Tech Entrepreneurs
  • 5 hours Socialists want to exorcise the O&G demon by 2030
  • 1 hour Russian Message: Oil Price War With U.S. Would Be Too Costly
  • 11 hours Good Marriage And Bad Divorce: Germany's Merkel Wants Britain and EU To Divorce On Good Terms
  • 24 hours Cheermongering about O&G in 2019
  • 58 mins Oil CEOs See Market Rebalancing as Outlook Blurred by China Risk
  • 2 days Is Natural Gas Renewable? I say yes it is.
  • 1 day Duterte's New Madness: Philippine Senators Oppose President's Push To Lower Criminal Age To 9
  • 2 days North Sea Rocks Could Store Months Of Renewable Energy
  • 15 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 2 days Making Fun of EV Owners: ICE-ing Trend?
  • 2 days Emissions from wear of brakes and tyres likely to be higher in supposedly clean vehicles, experts warn
  • 5 hours WSJ: Gun Ownership on Rise in Europe After Terror Attacks, Sexual Assaults
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

Saudi Officials Favor NYSE For Historic Aramco Listing

Saudi oil minister

The New York Stock Exchange is the favorite for the massive upcoming Saudi Aramco listing, according to a report by the Wall Street Journal on Monday.

London and Toronto’s exchanges are also being considered, but with less zeal, the Journal said, citing anonymous sources familiar with internal discussions on the matter.

The initial public offering, expected to value Aramco at $2 trillion when listed in the first half of 2018, is part of the Kingdom’s plan to diversify its fossil-fuel-dependent economy.

There are still several facets of the deal that government workers and corporate executives need to sort out before the IPO.

Released last year, the Vision 2030 plan vowed to “transform Aramco from an oil-producing company into a global industrial conglomerate,” but senior-level officials are now concerned with the complications the category would create in valuing the state-run corporation ahead of its partial sale.

Reports from last Friday indicate that the officials responsible for organizing the largest IPO in financial history were still debating whether to label the state-run company as an industrial conglomerate or a specialized international oil firm.

"There are two options being studied now,” an anonymous source from the Kingdom’s energy sector said. “Either to make Aramco a pure oil and gas company, or a conglomerate and expand its role in petrochemicals and other sectors.”

Over the past couple of years, Aramco has entered into contracts with General Electric for a shipbuilding project while engaging renewable energy companies for new solar and wind energy ventures. Executives are concerned the newer add-ons will not be of interest to the foreigners that they project will purchase Aramco shares. As a result, a faction of those planning the IPO contend that all projects unrelated to oil and gas operations should be placed in a separate entity before shares are sold.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Ali on February 21 2017 said:
    Such fun. Whenever the King pleases he can reclaim his shares.

Leave a comment

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