Saudi state oil giant Aramco unveiled the prospectus for its initial public offe...
RIYADH - Saudi state oil giant Aramco unveiled the prospectus for its initial public offering on Saturday, laying out the main material risks that may adversely affect the company’s business or its financial position.
The Saudi government determines the kingdom’s maximum level of oil production. State finances are highly connected to the oil and gas industry. Aramco’s financial position may be adversely affected if the kingdom stops pegging its currency, the riyal, to the U.S. dollar.Aramco does not insure against all risks and its insurance may not protect it against liability from all potential events including major crude oil spills, environmental disasters, terrorism or acts of war.Aramco has been subject to significant litigation, including allegations of violations of antitrust laws partially arising from the kingdom’s OPEC membership.
There is no independent third party certification letter with respect to the balance of the kingdom’s proven oil equivalent reserves.The IPO is expected to be the largest issuance to trade on the local Tadawul stock exchange, which modernised its platform to accommodate the exceptionally high trading volume. Changes to trading mechanisms and procedures are untested and there can be no assurance they will adequately facilitate the listing.
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