Saudi Aramco’s biggest asset could also be a liability. Climate change could rain on the company's IPO parade: via claradenina ReutersSinead Rania_ElGamal JessopReuters
FILE PHOTO: An oil tanker is being loaded at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia, May 21, 2018. REUTERS/Ahmed Jadallah/File Photo
Aramco, for its part, argues oil and gas will remain at the heart of the energy mix for decades, saying renewables and nuclear cannot meet rising global demand, and that its crude production has lower greenhouse gas emissions than its rivals. Reuters reported on Aug. 8 that Prince Mohammed was insisting on a $2 trillion valuation even though some bankers and company insiders say the kingdom should trim its target to around $1.5 trillion.
And as the world’s most profitable company, Aramco shares would be snapped up by many active investors. “An oil and gas company needs to be thinking about how to explain the story over the next 20 years and bring it out into a separate section rather than hiding it away in the prospectus, it needs to use it as a selling tool. And also, once the IPO is done, every annual report should have a standalone ESG section.”
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