Saudi Aramco IPO unlikely to happen this year after oil attacks
Saudi Arabia is unlikely to list its oil giant Aramco this year after attacks earlier this month on oil facilities, two sources with direct knowledge of the company’s thinking said, Trend with reference to Reuters reports.
The initial public offering (IPO) of Aramco – the world’s largest oil company – is the pillar of Saudi reforms aimed at diversifying the economy away from oil by attracting foreign capital.
Aramco did not immediately respond to a request for comment. The sources declined to be identified because the information is not public.
The deal, which was delayed last year, was expected to take place as early as November, sources had said, for an offering of 1% of the company on the Saudi bourse, the first step of a targeted 5% sale that could potentially raise $100 billion.
Aramco’s chairman, Yassir al-Rumayyan, said last week following the attacks, which initially halved the crude output of the world’s top oil exporter, that it would be ready for the IPO within one year.