Saudi Aramco’s first-half net income falls 12% to $47 billion

An Aramco oil tank is seen at the Production facility at Saudi Aramco’s Shaybah oilfield in the Empty Quarter, Saudi Arabia. Saudi Aramco, the world’s top oil producer, reported first-half net income of $46.9 billion on Monday, down from $53.02 billion a year earlier. By comparison, Apple Inc, the world’s most profitable listed company, made $31.5 billion in the first six months of its financial year. In its earnings report, Aramco partly attributed the decline in net income to a 4% fall in the


An Aramco oil tank is seen at the Production facility at Saudi Aramco’s Shaybah oilfield in the Empty Quarter, Saudi Arabia. Saudi Aramco, the world’s top oil producer, reported first-half net income of $46.9 billion on Monday, down from $53.02 billion a year earlier. By comparison, Apple Inc, the world’s most profitable listed company, made $31.5 billion in the first six months of its financial year. In its earnings report, Aramco partly attributed the decline in net income to a 4% fall in the
Saudi Aramco’s first-half net income falls 12% to $47 billion Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: reuters with cnbccom
Keywords: news, cnbc, companies, saudi, income, company, 47, worlds, billion, 12, nasser, net, aramcos, firsthalf, aramco, crude, falls, oil


Saudi Aramco's first-half net income falls 12% to $47 billion

An Aramco oil tank is seen at the Production facility at Saudi Aramco’s Shaybah oilfield in the Empty Quarter, Saudi Arabia.

Saudi Aramco, the world’s top oil producer, reported first-half net income of $46.9 billion on Monday, down from $53.02 billion a year earlier.

By comparison, Apple Inc, the world’s most profitable listed company, made $31.5 billion in the first six months of its financial year.

Aramco said total revenues including other income related to sales were at $163.88 billion in the first half of this year, down from $167.68 billion a year earlier, on lower oil prices and reduced production.

In its earnings report, Aramco partly attributed the decline in net income to a 4% fall in the average realized price of crude oil compared to the same period in 2018, from $69 to $66 per barrel.

Aramco President and CEO Amin Nasser said the company had continued to deliver on its “downstream growth strategy” through acquisitions both domestically and in international markets.

“These acquisitions are expected to enhance dedicated crude placement, increase refining and chemicals capacity, capture value from integration and diversify our operations,” Nasser said.


Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: reuters with cnbccom
Keywords: news, cnbc, companies, saudi, income, company, 47, worlds, billion, 12, nasser, net, aramcos, firsthalf, aramco, crude, falls, oil


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Saudi Aramco gets first credit rating ahead of bond debut

Saudi Aramco, the world’s top oil producer, has been rated A+ by Fitch in its first-ever credit rating, ahead of the state oil giant’s first global bond sale and following 2018 earnings that dwarfed those of international oil majors. Aramco generated earnings before interest, tax and depreciation (EBITDA) of $224 billion in 2018, Fitch said on Monday, surpassing ExxonMobil, the world’s largest listed oil firm. The Saudi oil producer is expected to start meeting bond investors this week, sources


Saudi Aramco, the world’s top oil producer, has been rated A+ by Fitch in its first-ever credit rating, ahead of the state oil giant’s first global bond sale and following 2018 earnings that dwarfed those of international oil majors. Aramco generated earnings before interest, tax and depreciation (EBITDA) of $224 billion in 2018, Fitch said on Monday, surpassing ExxonMobil, the world’s largest listed oil firm. The Saudi oil producer is expected to start meeting bond investors this week, sources
Saudi Aramco gets first credit rating ahead of bond debut Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-01  Authors: ahmed jadallah
Keywords: news, cnbc, companies, worlds, bond, saudi, gets, ahead, oil, total, fitch, credit, shell, aramcos, production, rating, 2018, aramco, debut


Saudi Aramco gets first credit rating ahead of bond debut

Saudi Aramco, the world’s top oil producer, has been rated A+ by Fitch in its first-ever credit rating, ahead of the state oil giant’s first global bond sale and following 2018 earnings that dwarfed those of international oil majors.

Aramco generated earnings before interest, tax and depreciation (EBITDA) of $224 billion in 2018, Fitch said on Monday, surpassing ExxonMobil, the world’s largest listed oil firm.

Aramco intends to issue its first U.S. dollar-denominated bonds, expected to be for at least $10 billion, in the second quarter to help finance its acquisition of a stake in Saudi Basic Industries Corp, the world’s fourth-largest petrochemicals maker.

The Saudi oil producer is expected to start meeting bond investors this week, sources familiar with the matter told Reuters on Thursday.

Last week, Aramco said it would buy a 70 percent stake in SABIC from the kingdom’s wealth fund for $69.1 billion, in one of the biggest deals in the global chemical industry.

At the end of 2018, Aramco’s cash balances exceeded its balance-sheet debt, Fitch said.

“We project that Saudi Aramco’s leverage will remain low, even after the recently announced acquisition of SABIC, which we expect to be predominantly funded from the company’s free cash flow (FCF),” the ratings agency said.

Credit ratings allow investors to compare and assess the credit quality of bond issuers and their debt securities, and are important in determining how much borrowers have to pay.

Aramco has hoped to match the ratings of Exxon and Royal Dutch Shell, a source familiar with the matter has told Reuters. Exxon is rated triple-A by Moody’s and AA+ by its rival S&P, putting it on par with the rating of the United States.

As a standalone business, Aramco could outweigh its international peers, but most of its assets are in Saudi Arabia and it is tightly linked to Saudi Arabia’s economic policies.

National oil companies are generally rated at the same level as or slightly lower than their governments.

“Saudi Aramco’s rating is constrained by that of Saudi Arabia (A+/Stable). This reflects the influence the state exerts on the company through taxation and dividends, as well as regulating the level of production in line with its OPEC commitments,” Fitch said.

The rating agency said it put Saudi Aramco’s “standalone credit profile (at) ‘AA+'”.

Aramco “is less integrated into natural gas and downstream than some of its international peers, such as Shell and Total, which makes it more exposed to oil prices although this is mitigated by low cost of production, its downstream expansion strategy, and the acquisition of SABIC,” Fitch said.

Aramco is still by far the world’s biggest oil producing company, ahead of regional peers like Abu Dhabi National Oil Company (ADNOC) and listed oil majors Shell, Total and BP, Fitch said.

“In 2018, its (Aramco’s) liquids production and its total hydrocarbon production averaged 11.6 million and 13.6 million barrels of oil equivalent per day, respectively,” Fitch said.


Company: cnbc, Activity: cnbc, Date: 2019-04-01  Authors: ahmed jadallah
Keywords: news, cnbc, companies, worlds, bond, saudi, gets, ahead, oil, total, fitch, credit, shell, aramcos, production, rating, 2018, aramco, debut


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Saudi Aramco IPO on track for 2021, CEO says

Saudi Aramco’s CEO has told CNBC its long-awaited plan to sell shares in the oil giant will happen, but he doesn’t expect it until at least 2021. The initial public offering (IPO) of the state-controlled firm is a stated aim of Saudi Arabia’s Crown Prince Mohammed bin Salman, who has valued the firm at more than $2 trillion. Speaking to CNBC’s Steve Sedgwick at the ADIPEC forum in Abu Dhabi, Saudi Aramco’s CEO Amin Nasser, said both the crown prince and Saudi Arabia’s energy minister Khalid al-F


Saudi Aramco’s CEO has told CNBC its long-awaited plan to sell shares in the oil giant will happen, but he doesn’t expect it until at least 2021. The initial public offering (IPO) of the state-controlled firm is a stated aim of Saudi Arabia’s Crown Prince Mohammed bin Salman, who has valued the firm at more than $2 trillion. Speaking to CNBC’s Steve Sedgwick at the ADIPEC forum in Abu Dhabi, Saudi Aramco’s CEO Amin Nasser, said both the crown prince and Saudi Arabia’s energy minister Khalid al-F
Saudi Aramco IPO on track for 2021, CEO says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-12  Authors: david reid
Keywords: news, cnbc, companies, minister, ceo, ipo, prince, aramco, day, saudi, crown, aramcos, arabias, prices, 2021, track, firm


Saudi Aramco IPO on track for 2021, CEO says

Saudi Aramco’s CEO has told CNBC its long-awaited plan to sell shares in the oil giant will happen, but he doesn’t expect it until at least 2021.

The initial public offering (IPO) of the state-controlled firm is a stated aim of Saudi Arabia’s Crown Prince Mohammed bin Salman, who has valued the firm at more than $2 trillion.

Speaking to CNBC’s Steve Sedgwick at the ADIPEC forum in Abu Dhabi, Saudi Aramco’s CEO Amin Nasser, said both the crown prince and Saudi Arabia’s energy minister Khalid al-Falih were targeting a listing within three years.

“I think his royal highness and his excellency, the minister, talked about 2021. At the end of the day the government will decide when the market is good,” he said.

Oil prices surged Monday after Saudi Arabia said it was cutting supply by half a million barrels per day in December. However, the bigger picture is that oversupply concerns have seen crude prices drop hard in recent months.


Company: cnbc, Activity: cnbc, Date: 2018-11-12  Authors: david reid
Keywords: news, cnbc, companies, minister, ceo, ipo, prince, aramco, day, saudi, crown, aramcos, arabias, prices, 2021, track, firm


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Saudi Aramco appoints first woman to its board

State run Saudi Aramco, the world’s top oil company, said on Sunday it has appointed five new members to its board including a female executive, a milestone for Saudi Arabia and the oil industry where there are few women executives. Saudi Arabian Minister of Finance Mohammed al-Jadaan and Minister of Economy and Planning Mohammed al-Tuwaijri were appointed as members of the board of directors, Aramco said in a statement. She also served on Baker Hughes’s board of directors from 2012 to July 2017


State run Saudi Aramco, the world’s top oil company, said on Sunday it has appointed five new members to its board including a female executive, a milestone for Saudi Arabia and the oil industry where there are few women executives. Saudi Arabian Minister of Finance Mohammed al-Jadaan and Minister of Economy and Planning Mohammed al-Tuwaijri were appointed as members of the board of directors, Aramco said in a statement. She also served on Baker Hughes’s board of directors from 2012 to July 2017
Saudi Aramco appoints first woman to its board Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-04-29  Authors: mary catherine wellons
Keywords: news, cnbc, companies, members, oil, directors, woman, aramco, president, saudi, minister, board, worlds, aramcos, appoints


Saudi Aramco appoints first woman to its board

State run Saudi Aramco, the world’s top oil company, said on Sunday it has appointed five new members to its board including a female executive, a milestone for Saudi Arabia and the oil industry where there are few women executives.

The appointments come as the Saudi government plans to float around 5 percent of Aramco in an initial public offering (IPO) later this year or early 2019.

Saudi Arabian Minister of Finance Mohammed al-Jadaan and Minister of Economy and Planning Mohammed al-Tuwaijri were appointed as members of the board of directors, Aramco said in a statement.

They are joined by Lynn Laverty Elsenhans, the former chairwoman, president and CEO of U.S. oil refiner Sunoco from 2008 to 2012.

Elsenhans was named by Forbes as one of the world’s most powerful women in 2008. Prior to her role at Sunoco, Elsenhans was the executive vice president of global manufacturing for Royal Dutch Shell, where she worked for more than 28 years.

She also served on Baker Hughes’s board of directors from 2012 to July 2017 and sits on the board of GlaxoSmithKline.

The five new members of Aramco’s board will join six returning members including Saudi Energy Minister Khalid al-Falih, who is also Aramco’s chairman, and Amin Nasser, Aramco’s chief executive.

Appointments to the 11-member board of directors are made by the Saudi cabinet.

The outgoing board members are Majid Al-Moneef, advisor to the Saudi Royal Court; Khaled al-Sultan, Rector of King Fahd University of Petroleum and Minerals; and Peter Woicke, former managing director of the World Bank and former vice president of the International Finance Corporation.


Company: cnbc, Activity: cnbc, Date: 2018-04-29  Authors: mary catherine wellons
Keywords: news, cnbc, companies, members, oil, directors, woman, aramco, president, saudi, minister, board, worlds, aramcos, appoints


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Saudi oil giant Aramco may be more profitable than Apple, according to disputed financial leak

Leaked financial information for the world’s largest oil company, Saudi Aramco, reveals one of the most closely held secrets in the energy industry, if the figures are accurate. Saudi Arabia’s national oil company earned $33.8 billion in the first half of 2017, according to financial information obtained by Bloomberg News and disputed by the company. For comparison, Apple, the world’s most valuable publicly traded company, earned $28.9 billion in the same period. The leak comes as Saudi Aramco c


Leaked financial information for the world’s largest oil company, Saudi Aramco, reveals one of the most closely held secrets in the energy industry, if the figures are accurate. Saudi Arabia’s national oil company earned $33.8 billion in the first half of 2017, according to financial information obtained by Bloomberg News and disputed by the company. For comparison, Apple, the world’s most valuable publicly traded company, earned $28.9 billion in the same period. The leak comes as Saudi Aramco c
Saudi oil giant Aramco may be more profitable than Apple, according to disputed financial leak Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-04-13  Authors: tom dichristopher, reza, getty images
Keywords: news, cnbc, companies, aramcos, giant, aramco, bloomberg, according, profitable, information, leak, financial, company, largest, apple, saudi, billion, earned, oil, disputed


Saudi oil giant Aramco may be more profitable than Apple, according to disputed financial leak

Leaked financial information for the world’s largest oil company, Saudi Aramco, reveals one of the most closely held secrets in the energy industry, if the figures are accurate.

Saudi Arabia’s national oil company earned $33.8 billion in the first half of 2017, according to financial information obtained by Bloomberg News and disputed by the company.

For comparison, Apple, the world’s most valuable publicly traded company, earned $28.9 billion in the same period. Aramco’s first-half earnings for 2017 are more than four times the $7.4 billion earned by Exxon Mobil, the largest energy company by market capitalization.

The documents viewed by Bloomberg also lay out other key financial metrics and details of Aramco’s royalty structure .

The information potentially offers investors the most comprehensive overview of Aramco’s finances yet. The leak comes as Saudi Aramco continues to weigh the right time to launch a public share offering that will almost certainly mark the largest stock market debut ever.

However, Aramco is disputing the report, telling Bloomberg, “This is inaccurate, Saudi Aramco does not comment on speculation regarding its financial performance and fiscal regime.”

Aramco did not immediately return CNBC’s request to explain which aspects of the financial report and tax information it considers inaccurate.


Company: cnbc, Activity: cnbc, Date: 2018-04-13  Authors: tom dichristopher, reza, getty images
Keywords: news, cnbc, companies, aramcos, giant, aramco, bloomberg, according, profitable, information, leak, financial, company, largest, apple, saudi, billion, earned, oil, disputed


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How investors can play Saudi Arabia reform without Aramco’s IPO

Until recently, Saudi Arabia tantalized investors with a plan to float its mammoth oil and gas company’s initial public offering on an international exchange — then left them deflated after it shelved the idea. For now, Saudi Aramco will only be listed on the Tadawul, the country’s domestic exchange. However, global investors have taken heart from a little noticed change from the FTSE global equity index series, a major market benchmark that in March classified Saudi Arabia’s stock exchange as a


Until recently, Saudi Arabia tantalized investors with a plan to float its mammoth oil and gas company’s initial public offering on an international exchange — then left them deflated after it shelved the idea. For now, Saudi Aramco will only be listed on the Tadawul, the country’s domestic exchange. However, global investors have taken heart from a little noticed change from the FTSE global equity index series, a major market benchmark that in March classified Saudi Arabia’s stock exchange as a
How investors can play Saudi Arabia reform without Aramco’s IPO Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-04-06  Authors: dawn kissi, ali al mubarak, getty images, mary catherine wellons, -indranil ghosh, ceo, tiger hill capital
Keywords: news, cnbc, companies, play, aramcos, ftse, ipo, investors, major, arabia, equity, reform, saudi, global, exchange, market, emerging


How investors can play Saudi Arabia reform without Aramco's IPO

Until recently, Saudi Arabia tantalized investors with a plan to float its mammoth oil and gas company’s initial public offering on an international exchange — then left them deflated after it shelved the idea.

For now, Saudi Aramco will only be listed on the Tadawul, the country’s domestic exchange. However, global investors have taken heart from a little noticed change from the FTSE global equity index series, a major market benchmark that in March classified Saudi Arabia’s stock exchange as a “secondary emerging” market.

The FTSE’s move — which officially makes Saudi Arabia’s domestic market a benchmark available to global investors — coincided with an international charm offensive launched by the kingdom’s powerful crown prince, Mohammed bin Salman. It also marked a significant milestone on the prince’s quest to diversify Saudi Arabia’s oil-reliant economy and gives investors a backdoor to park cash in the country.

“The FTSE inclusion means that Saudi has technically met the standards required for [emerging market] investors from a trading and operational perspective,” said Asha Mehta, portfolio manager and head of emerging and frontier market strategy with Acadian Asset Management.

“This is a major development, given that Saudi’s equity market was closed to foreign investors just a few years ago,” Mehta said, adding that “the country’s weight could be sizable —potentially as large as Mexico or Russia.”

Ahead of the Aramco floatation, the inclusion of Saudi Arabia in emerging market indexes was a development eagerly awaited by market watchers.

Given historical limits to accessing the market, the country has not been included in major benchmarks prior to the FTSE classification, so the move could represent a watershed for both Saudi Arabia and investors hungry for yield.

“The FTSE upgrade is important and a key reflection of the improvements in the financial plumbing that Saudi Arabia has made in recent years, but the next step to attracting equity inflows is to prove the macro story and issuance,” said Rachel Ziemba, an emerging market analyst and adjunct fellow at the Center for New American Security.

“Reducing restrictions to purchase is important, but so is the macro story: growth, liquidity, and future profits, as are the flows,” she added.


Company: cnbc, Activity: cnbc, Date: 2018-04-06  Authors: dawn kissi, ali al mubarak, getty images, mary catherine wellons, -indranil ghosh, ceo, tiger hill capital
Keywords: news, cnbc, companies, play, aramcos, ftse, ipo, investors, major, arabia, equity, reform, saudi, global, exchange, market, emerging


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Saudi Aramco’s international listing is said to be looking increasingly problematic

Saudi Arabia’s state-owned oil behemoth is increasingly looking to just float locally, as plans to list on an international exchange hang in the balance, Reuters reported, citing sources close to the matter. Saudi Aramco had planned to begin trading on the country’s domestic stock market — the Tadawul — and one or more foreign exchanges in the second half of 2018. However, a Reuters report on Tuesday morning suggested Riyadh is now banking on being awarded emerging market status in the influenti


Saudi Arabia’s state-owned oil behemoth is increasingly looking to just float locally, as plans to list on an international exchange hang in the balance, Reuters reported, citing sources close to the matter. Saudi Aramco had planned to begin trading on the country’s domestic stock market — the Tadawul — and one or more foreign exchanges in the second half of 2018. However, a Reuters report on Tuesday morning suggested Riyadh is now banking on being awarded emerging market status in the influenti
Saudi Aramco’s international listing is said to be looking increasingly problematic Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-03-13  Authors: sam meredith, simon dawson, bloomberg, getty images
Keywords: news, cnbc, companies, international, foreign, emerging, looking, saudi, increasingly, aramco, sources, market, source, aramcos, according, problematic, listing, preparations


Saudi Aramco's international listing is said to be looking increasingly problematic

Saudi Arabia’s state-owned oil behemoth is increasingly looking to just float locally, as plans to list on an international exchange hang in the balance, Reuters reported, citing sources close to the matter.

Saudi Aramco had planned to begin trading on the country’s domestic stock market — the Tadawul — and one or more foreign exchanges in the second half of 2018. London, New York and Hong Kong are among the foreign bourses currently competing for the share sale.

However, a Reuters report on Tuesday morning suggested Riyadh is now banking on being awarded emerging market status in the influential MSCI benchmark equity index in June, according to its sources. Significantly more money tracks emerging markets which should allow Aramco to attract Western funds, in addition to other flagship investors from China, Japan and South Korea.

“I would guess it is about evens that there will be no international IPO,” said a high-level source familiar with the preparations, according to Reuters. The source added that the preparations were proving to be a disappointment. CNBC has not been able to independently verify these sources.

Saudi Aramco was not immediately available for comment when contacted by CNBC.


Company: cnbc, Activity: cnbc, Date: 2018-03-13  Authors: sam meredith, simon dawson, bloomberg, getty images
Keywords: news, cnbc, companies, international, foreign, emerging, looking, saudi, increasingly, aramco, sources, market, source, aramcos, according, problematic, listing, preparations


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Saudi Aramco investors forced to ‘stay patient’ as IPO is reportedly delayed

Investors hoping to a buy a piece of the world’s largest oil company may be forced to wait until 2019 at the earliest, amid reports Saudi Aramco’s initial public offering (IPO) is likely to be delayed. Saudi Arabia’s state-owned oil behemoth had planned to begin trading on the country’s domestic stock market — the Tadawul — and one or more foreign exchanges in the second half of 2018. However, Aramco’s listing is now no longer expected to take place this year, according to a Financial Times repo


Investors hoping to a buy a piece of the world’s largest oil company may be forced to wait until 2019 at the earliest, amid reports Saudi Aramco’s initial public offering (IPO) is likely to be delayed. Saudi Arabia’s state-owned oil behemoth had planned to begin trading on the country’s domestic stock market — the Tadawul — and one or more foreign exchanges in the second half of 2018. However, Aramco’s listing is now no longer expected to take place this year, according to a Financial Times repo
Saudi Aramco investors forced to ‘stay patient’ as IPO is reportedly delayed Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-03-12  Authors: sam meredith, reuters, simon dawson, bloomberg, getty images
Keywords: news, cnbc, companies, saudi, forced, ipo, reportedly, stay, investors, varga, aramcos, worlds, told, times, tamas, wait, oil, delayed, patient, trading, aramco


Saudi Aramco investors forced to 'stay patient’ as IPO is reportedly delayed

Investors hoping to a buy a piece of the world’s largest oil company may be forced to wait until 2019 at the earliest, amid reports Saudi Aramco’s initial public offering (IPO) is likely to be delayed.

Saudi Arabia’s state-owned oil behemoth had planned to begin trading on the country’s domestic stock market — the Tadawul — and one or more foreign exchanges in the second half of 2018. However, Aramco’s listing is now no longer expected to take place this year, according to a Financial Times report citing British officials briefed on the matter.

“I’m guessing investors are going to be a bit disappointed but they have no choice other than to stay patient and jump on the bandwagon when it finally happens,” Tamas Varga, analyst at PVM Oil Associates, told CNBC in a phone interview Monday.


Company: cnbc, Activity: cnbc, Date: 2018-03-12  Authors: sam meredith, reuters, simon dawson, bloomberg, getty images
Keywords: news, cnbc, companies, saudi, forced, ipo, reportedly, stay, investors, varga, aramcos, worlds, told, times, tamas, wait, oil, delayed, patient, trading, aramco


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Saudi Aramco IPO to take place in 2018, Gulf oil minister says

Saudi Aramco’s plan to take a portion of its business public next year will go ahead as scheduled in 2018, Oman’s oil minister told CNBC Monday. At an energy industry conference in Abu Dhabi, Oman’s Mohammed bin Hamad al-Rumhi was pressed for a definitive answer regarding his expectations over Saudi Aramco’s potential IPO next year. The initial public offering (IPO) for the world’s largest energy company is expected to take place in the second half of 2018. However, recent reports have suggested


Saudi Aramco’s plan to take a portion of its business public next year will go ahead as scheduled in 2018, Oman’s oil minister told CNBC Monday. At an energy industry conference in Abu Dhabi, Oman’s Mohammed bin Hamad al-Rumhi was pressed for a definitive answer regarding his expectations over Saudi Aramco’s potential IPO next year. The initial public offering (IPO) for the world’s largest energy company is expected to take place in the second half of 2018. However, recent reports have suggested
Saudi Aramco IPO to take place in 2018, Gulf oil minister says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-11-13  Authors: sam meredith, simon dawson, bloomberg, getty images
Keywords: news, games, cnbc, companies, place, told, omans, aramcos, minister, gulf, second, aramco, oil, shares, saudi, public, ipo, 2018


Saudi Aramco IPO to take place in 2018, Gulf oil minister says

Saudi Aramco’s plan to take a portion of its business public next year will go ahead as scheduled in 2018, Oman’s oil minister told CNBC Monday.

At an energy industry conference in Abu Dhabi, Oman’s Mohammed bin Hamad al-Rumhi was pressed for a definitive answer regarding his expectations over Saudi Aramco’s potential IPO next year. He replied: “If CNBC says yes, then I say yes.”

The initial public offering (IPO) for the world’s largest energy company is expected to take place in the second half of 2018. However, recent reports have suggested Saudi Aramco could move to delay its IPO into 2019 or even shelve the exercise altogether in favor of selling private shares to sovereign wealth funds.

Saudi Aramco’s Chief Executive Amin Nasser told CNBC last month that the oil giant plans to list its shares on the Saudi domestic stock market, the Tadawul, and one or more foreign exchange in the second half of 2018.


Company: cnbc, Activity: cnbc, Date: 2017-11-13  Authors: sam meredith, simon dawson, bloomberg, getty images
Keywords: news, games, cnbc, companies, place, told, omans, aramcos, minister, gulf, second, aramco, oil, shares, saudi, public, ipo, 2018


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Why Saudi’s Aramco IPO ‘timing is all wrong’-commentary

Saudi Arabia’s Aramco, the world’s largest oil company, said on Monday that it is still on track for its initial public offering in the second half of 2018. It will be listed on the Saudi domestic stock market but where it will be listed overseas is still up in the air. Over 70 percent of every barrel of Aramco crude is used for autos and trucks in one way or another, Mr. Nasser said. About 50 percent is gasoline alone and the rest is used for diesel, motor oil, tires and other car-related produ


Saudi Arabia’s Aramco, the world’s largest oil company, said on Monday that it is still on track for its initial public offering in the second half of 2018. It will be listed on the Saudi domestic stock market but where it will be listed overseas is still up in the air. Over 70 percent of every barrel of Aramco crude is used for autos and trucks in one way or another, Mr. Nasser said. About 50 percent is gasoline alone and the rest is used for diesel, motor oil, tires and other car-related produ
Why Saudi’s Aramco IPO ‘timing is all wrong’-commentary Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-10-25  Authors: anthony grisanti, mary catherine wellons
Keywords: news, games, cnbc, companies, saudis, oil, saudi, nasser, used, company, timing, ipo, wrongcommentary, gasoline, aramcos, aramco, energy, market, listed


Why Saudi's Aramco IPO 'timing is all wrong'-commentary

Saudi Arabia’s Aramco, the world’s largest oil company, said on Monday that it is still on track for its initial public offering in the second half of 2018. It will be listed on the Saudi domestic stock market but where it will be listed overseas is still up in the air.

Here’s why it’s a risky bet no matter where the shares are listed.

I am afraid the energy created by dinosaurs is becoming one; oil is a dying commodity. Even Aramco’s CEO Amin Nasser admitted as much on CNBC on Monday, noting that his company is doing what it can to “minimize our carbon footprint.”

Over 70 percent of every barrel of Aramco crude is used for autos and trucks in one way or another, Mr. Nasser said. About 50 percent is gasoline alone and the rest is used for diesel, motor oil, tires and other car-related products. With a worldwide push to eliminate the internal combustion engine, the demand for oil five years from now will be far less than it is today. That doesn’t bode well for Aramco’s business model.

General Motors, Volvo and Mercedes have all announced plans to phase out gasoline powered cars. The alternative energy market is growing rapidly as natural gas, wind and solar replace oil. In the U.S. alone, renewable energy sources accounted for 10 percent of total energy consumption and 15 percent of electricity generation, according to the U.S. Energy Information Administration.


Company: cnbc, Activity: cnbc, Date: 2017-10-25  Authors: anthony grisanti, mary catherine wellons
Keywords: news, games, cnbc, companies, saudis, oil, saudi, nasser, used, company, timing, ipo, wrongcommentary, gasoline, aramcos, aramco, energy, market, listed


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