The stock exchange listing of the Saudi oil company seemed to be stranded, but oil minister Khalid Al Falih states that Saudi Aramco goes to the stock exchange “earlier than you may think”.
Al Falih said on Wednesday in Ryad neither the start date, the stock exchange listing nor the required proceeds for the first 5% that Aramco brings to shareholders. Aramco seemed to cancel the stock market listing last August.
The market looks forward to shares of the company that was nationalized. A bond put on the market by Saudi Aramco, the first of its kind, was oversubscribed more than ten times.
Saudi Aramco is the largest oil company in the world with a profit of $ 111 billion last year. For comparison: Shell’s annual profit was nearly $ 24 billion last year.
If 5% goes to the stock market, the group would be valued at at least $ 2 trillion, more than double what Apple is the largest tech company worth ($ 978 billion). The Arabs are making substantial investments. The Saudi state oil company put more than $ 69 billion on the table in March for a 70% majority stake in the also Saudi petrochemical company Sabic.
According to the Financial Times, Aramco is also aiming for a minority interest in the Indian refinery and petrochemical group Reliance Industries
Shell sold its stake in the Saudi Aramco Shell Refinery (Sasref) joint venture this week against $ 631 million from Saudi Aramco, which bought 50% of the refinery.
About the author: Christy Olsen
Christy Olsen, a young author who followed in her father's footsteps and took up journalism at school. She often introduces a lot of subjective things into his texts, always tries to state the essence and give a proper assessment.