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Aramco ready for foreign float alongside primary domestic listing

Video Credit: Reuters Studio - Duration: 01:31s - Published
Aramco ready for foreign float alongside primary domestic listing

Aramco ready for foreign float alongside primary domestic listing

Saudi Aramco is primed to float on international markets to complement a planned domestic initial public offering (IPO) which has been selected as its primary listing, the state oil giant's chief executive said on Tuesday.

David Pollard reports.

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'Energy for Prosperity' - it's the slogan of the World Energy Congress in Abu Dhabi this week ... Where the talk was of Saudi Arabia's plans to float a chunk of its oil giant, Saudi Aramco.

It could, according to CEO Amin Nasser, be a two-stage process: An IPO in its home market - plus a flotation on international markets.

(SOUNDBITE) (English) ARAMCO CEO, AMIN NASSER, SAYING: "The decision is with the shareholders.

From Aramco's side, as we always say, we are ready for whatever the decision is, to list locally, which is going to be the primary listing to list locally, but we are ready also for listing outside." Nasser was following comments from the new Saudi energy minister, Prince Abdulaziz bin Salman.

The aim, he said on Monday (September 9), was for a share sale "as soon as possible." In what could be the world's biggest IPO, Aramco is preparing to sell up to a 5% stake by 2020-2021.

New York, Tokyo, Hong Kong and London have all been keen to woo Saudi officials for the foreign share launches.

At a two trillion dollar valuation hoped for by Saudi's Crown Prince Mohammed bin Salman, an IPO would raise billions for his plans to divert the Saudi economy away from oil.

Though the recent slump in crude prices and the longer-term trend towards cleaner energy may put such a valuation out of reach.




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