Saudi Aramco ready for foreign float alongside domestic listing
ABU DHABI/RIYADH - Saudi Aramco is primed to float on international markets to complement a planned primary listing at home, the Saudi Arabian oil giant’s chief executive said on Tuesday.
Saudi Arabia, which has long planned an international IPO of Aramco, now plans a gradual listing of the world’s top oil producing company on its home market, sources familiar with the matter said. The IPO is planned for 2020-2021, but could happen by the end of this year. The IPO plan has rapidly gained momentum in recent days and Nasser welcomed the appointment this month of the head of the kingdom’s sovereign wealth fund PIF as Aramco’s new chairman, Yasser al-Rumayyan, saying he brought “a lot of riches”.
Amin H. Nasser, president and CEO of Saudi Arabian Oil Company, Saudi Aramco, speaks at the 24th World Energy Congress in Abu Dhabi, United Arab Emirates September 10, 2019. REUTERS/Satish Kumar “There seems to be more of an alignment between the sovereign wealth fund, Saudi economic policies and Aramco´s potential new role there. This link is what ... we need to be monitoring carefully,” Sergey Dergachev, a manager of emerging market corporate debt at Germany-based Union Investment, said.
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