Saudi Aramco has completed important preparations for initial public offering
Saudi Arabia’s Minister of Energy, Industry and Mineral Resources Falih said in a statement that the Saudi government has been working hard to find the right time and conditions to promote the national oil company Ami to conduct an initial public offering (IPO) at home and abroad. Important preparations.
Falih pointed out in the statement that the work includes the enactment of the hydrocarbon tax law, the re-issuance of exclusive franchise rights, the appointment of the company's new board of directors and other measures to protect the interests of potential investors in the enterprise and the future.
In response to media reports that Saudi Arabia has cancelled Ami’s plans to conduct IPOs at home and abroad, Falih denied the statement.
In response to low oil prices and the implementation of a strategy to get rid of oil dependence, Saudi Arabia proposed a “2030 Vision” economic reform plan in 2016, including an IPO on the share of Aramco's 55. The company is valued at approximately $2 trillion.
Once the plan is announced, it has attracted competition from major international exchanges such as New York, London, Singapore, Tokyo, and Hong Kong. It is estimated that the IPO plan may raise more than 100 billion US dollars.
Amy's 2017 annual report shows that the company produces 10.2 million barrels of crude oil per day, with an average daily export of 6.9 million barrels of crude oil, and its refining capacity is 4.9 million barrels per day....