Oil giant Saudi Aramco, which had a net income of $111 billion last year, is set to go public on Saudi Stock Exchange Tadawul.
Saudi Aramco is the world’s largest integrated oil and gas company, wholly owned by the government of the Kingdom of Saudi Arabia. Saudi Aramco pumps about 10 per cent of the world’s oil.
“Saudi Aramco’s vision is to be the world’s pre-eminent integrated energy and chemicals company,” said CEO Amin H. Nasser.
“Over the last three years, we were responsible for one in every eight barrels of crude oil produced globally and our proved liquids reserves, at the end of 2018, were five times larger than the combined proved liquid reserves of the five major IOCs.”
The announcement comes little more than seven weeks after drone attacks by Iran-backed rebels crippled Saudi Aramco’s largest oil field and a processing facility. It was first suggested in 2016 by Crown Prince Mohammed bin Salman but was delayed several times.
The IPO is part of Saudi Arabia’s intention to diversify away from oil exports, which have formed the backbone of the nation’s economy for decades. Proceeds from the IPO will likely be put towards a number of projects, including massive overhauls to tourism and entertainment.
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