December 07, 2019 11:09 am
Saudi Arabia was counting on the IPO to attract foreign investment to help diversify its economy away from oil. An Aramco IPO valuation reduced by forecasts of weakening global demand for oil and geopolitical jitters could hurt that effort.
November 29, 2019 8:06 am
The Saudi Aramco subscription reached 38.1 billion riyals ($10.2 billion), lead manager Samba Capital said in a statement, equivalent to about 120% of the portion set aside for retail investors.
November 21, 2019 11:21 am
Water levels in the Arabian Sea, near where much of Aramco’s infrastructure is located, are expected to rise by about 13 centimetres (5.1 inches) by 2030, the consultant said.
November 18, 2019 10:42 am
Aramco will sell just 1.5 per cent of its shares on the local stock exchange, about half the amount that had been considered, and seek a valuation of between $1.6 trillion and $1.71 trillion.
November 17, 2019 1:57 pm
Aramco's float is the centrepiece of Crown Prince Mohammed bin Salman's plan to diversify the world's top crude exporter away from oil.
November 11, 2019 12:24 pm
Aramco used a forecast from industry consultant IHS Markit Ltd. that forecasts oil demand to peak around 2035. Under that scenario, demand growth for crude and other oil liquids will be “leveling off” at that time. In an accompanying chart, the Saudi oil giant showed global oil demand lower in 2045 than in 2040.
November 05, 2019 1:50 pm
A disappointment — if, say, Aramco fails to attract investor interest and the share price sinks when trading starts — could backfire on 34-year-old Crown Prince Mohammed bin Salman.
November 04, 2019 7:57 am
Aramco IPO: The company is in control of the world’s second-largest proven crude oil reserves, and has pumped some 10 million barrels on average every day over the last several years. This is about a tenth of the world’s oil output.
October 29, 2019 1:28 pm
PM Modi praised the Kingdom's role as an important and reliable source of India's energy requirements. His statement comes even as Saudi Aramco is still recovering from the September 14 drone and missile assault on its crude-processing facility.
October 29, 2019 9:06 am
The state-owned oil giant Saudi Aramco is expected to announce an initial public offering soon, but the stock sale will likely fall short of Prince Mohammed bin Salman’s audacious goals.