Saudi Arabia formally started its long-anticipated initial public offering of its state-run oil giant Saudi Aramco on Sunday, which will see a sliver of the firm offered on a local stock exchange in hopes of raising billions of dollars for the kingdom. An announcement from the kingdom’s Capital Market Authority serves as a starting gun for an IPO promised by
Source: Reuters DUBAI (Reuters) – Saudi Aramco officials and advisers are holding last-minute meetings with investors in an attempt to achieve as close to a $2 trillion valuation as possible ahead of an expected listing launch on Sunday, according to three sources. Failure to reach the coveted target would cause a dilemma for Saudi Crown Prince Mohammed bin Salman –
S&P Global Platts The initial public offering of Saudi Aramco — the company that is preparing to sell up to a 5% stake — will happen soon, the country’s energy minister said on Wednesday. The Aramco IPO is “going to come soon. It will come at the right time with the right approach and definitely with the right decision, and
S&P Global Platts Saudi Aramco, the state-owned company seeking to sell up to a 5% stake in an IPO, will list its shares on the local Saudi exchange on December 11, with a final price for the flotation set to be announced on December 4, Saudi-owned Al Arabiya TV reported on Tuesday. The Capital Market Authority, the country’s financial regulator,
Source: Reuters DUBAI/RIYADH (Reuters) – Saudi Aramco (IPO-ARMO.SE) has delayed the planned launch of its initial public offering (IPO), as the giant oil company wants to update investors with its latest earnings before proceeding, two sources familiar with the matter said on Thursday. The world’s largest oil firm was to announce plans next week to float a 1% to 2%
Source: Houston Chronicle In the early hours of a sweltering Saturday in September, a volley of missiles pierced the heart of Saudi Arabia’s oil industry, knocking out 5% of global production. A month later, it’s as if the attack never happened. Saudi Aramco says it’s currently pumping 9.9 million barrels a day, the same as before the Sept. 14 attacks
Source: Reuters LONDON (Reuters) – Saudi Aramco’s chief executive said on Wednesday there would be no impact on the stock market listing plans of the state oil giant after attacks on its installations last month, which he blamed on Iran. Attacks such as those on Sept. 14, which sent oil prices up as much as 20%, may continue if there
From Reuters Oil prices on Tuesday jumped by the most so far this year after the United States said it would delay imposing a 10% tariff on certain Chinese products, easing concerns over a global trade war that has pummeled the market in recent months. The Chinese products include laptops and cellphones. The tariffs had been scheduled to start next
From Reuters U.S. oil output from seven major shale formations is expected to rise by 85,000 barrels per day (bpd) in September, to a record 8.77 million bpd, the U.S. Energy Information Administration forecast in its monthly drilling productivity report on Monday. The largest change is expected in the Permian Basin of Texas and New Mexico, where output is seen
From Reuters Oil prices were little changed on Monday as expectations that major producers would continue to reduce global supplies ran into worries about sluggish growth in crude demand due to the U.S.-China trade war. International benchmark Brent crude settled at $58.57 a barrel, up 4 cents. West Texas Intermediate (WTI) futures settled at $54.93, up 43 cents. Investors were
From The Houston Chronicle Saudi Arabia plans to keep oil exports below 7 million barrels a day next month as OPEC’s biggest producer allocates less crude than customers demand in a bid to stabilize the market, according to the kingdom’s officials. State-run Saudi Arabian Oil Co., known as Aramco, will cut customer allocations across all regions by a total of
From Reuters Saudi Crown Prince Mohammed Bin Salman is insisting on a $2 trillion valuation of oil firm Aramco, even though some bankers and company insiders say the kingdom should trim its target to around $1.5 trillion, industry and banking sources said. With Aramco talking again to banks about an initial public offering (IPO), its board is meeting later this
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