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 crown prince says IPO for oil giant Aramco will happen by early 2021

Saudi Arabia’s king in waiting says the stock market debut for the kingdom’s oil giant Aramco will go forward by early 2021. Saudi Arabia Energy Minister Khalid al-Falih disputed that report, saying the kingdom would take Aramco public when the time is right. “I believe late 2020, early 2021,” MBS told Bloomberg. Saudi Aramco CEO Amin Nasser told CNBC last month that the IPO would be delayed indefinitely by the company’s bid to purchase a majority stake in petrochemicals company Saudi Basic Indu


Saudi Arabia’s king in waiting says the stock market debut for the kingdom’s oil giant Aramco will go forward by early 2021. Saudi Arabia Energy Minister Khalid al-Falih disputed that report, saying the kingdom would take Aramco public when the time is right. “I believe late 2020, early 2021,” MBS told Bloomberg. Saudi Aramco CEO Amin Nasser told CNBC last month that the IPO would be delayed indefinitely by the company’s bid to purchase a majority stake in petrochemicals company Saudi Basic Indu
Saudi crown prince says IPO for oil giant Aramco will happen by early 2021 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-05  Authors: tom dichristopher, bandar algaloud, saudi kingdom council, anadolu agency, getty images
Keywords: news, cnbc, companies, ipo, month, saudi, giant, happen, early, kingdom, public, prince, oil, told, aramco, nasser, mbs, crown, trillion, 2021


Saudi crown prince says IPO for oil giant Aramco will happen by early 2021

Saudi Arabia’s king in waiting says the stock market debut for the kingdom’s oil giant Aramco will go forward by early 2021.

Crown Prince Mohammed bin Salman gave the update for the initial public offering in an interview with Bloomberg one month after Reuters reported that Saudi Arabia had scrapped plans to list shares in the company. Saudi Arabia Energy Minister Khalid al-Falih disputed that report, saying the kingdom would take Aramco public when the time is right.

That time now appears to be roughly two years from now, according to the crown prince, who is often referred to as MBS. The royal also reiterated his view that Aramco is worth $2 trillion, though analysts have said a $1 trillion to $1.5 trillion valuation is more likely.

“I believe late 2020, early 2021,” MBS told Bloomberg. “The investor will decide the price on the day. I believe it will be above $2 trillion. Because it will be huge.”

The kingdom was originally targeting 2018 for the IPO, but Falih said earlier this year 2019 looked more likely.

Saudi Aramco CEO Amin Nasser told CNBC last month that the IPO would be delayed indefinitely by the company’s bid to purchase a majority stake in petrochemicals company Saudi Basic Industries Corporation, or SABIC.

Despite the delay, Nasser said the government remained committed to taking a portion of Aramco public.


Company: cnbc, Activity: cnbc, Date: 2018-10-05  Authors: tom dichristopher, bandar algaloud, saudi kingdom council, anadolu agency, getty images
Keywords: news, cnbc, companies, ipo, month, saudi, giant, happen, early, kingdom, public, prince, oil, told, aramco, nasser, mbs, crown, trillion, 2021


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Saudi Aramco CEO can’t say whether IPO will happen by 2020, but government remains committed

The CEO of Saudi state-owned oil giant Aramco on Sunday said he cannot say whether his company will list shares on the public stock market by 2020. Last fall, Aramco CEO Amin Nasser told CNBC the IPO — expected to be the world’s largest ever — wason track for 2018. On Sunday, Nasser told CNBC that Aramco’s plans to buy a strategic position in petrochemicals firm Saudi Basic Industries, or SABIC, will delay the IPO indefinitely. Asked whether it would be accurate to report that Aramco still plans


The CEO of Saudi state-owned oil giant Aramco on Sunday said he cannot say whether his company will list shares on the public stock market by 2020. Last fall, Aramco CEO Amin Nasser told CNBC the IPO — expected to be the world’s largest ever — wason track for 2018. On Sunday, Nasser told CNBC that Aramco’s plans to buy a strategic position in petrochemicals firm Saudi Basic Industries, or SABIC, will delay the IPO indefinitely. Asked whether it would be accurate to report that Aramco still plans
Saudi Aramco CEO can’t say whether IPO will happen by 2020, but government remains committed Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-24  Authors: tom dichristopher, mary catherine wellons
Keywords: news, cnbc, companies, aramco, told, 2020, saudi, nasser, plans, shares, ipo, list, committed, remains, cant, say, ceo, happen


Saudi Aramco CEO can't say whether IPO will happen by 2020, but government remains committed

The CEO of Saudi state-owned oil giant Aramco on Sunday said he cannot say whether his company will list shares on the public stock market by 2020.

Last fall, Aramco CEO Amin Nasser told CNBC the IPO — expected to be the world’s largest ever — wason track for 2018. However, Nasser and Saudi officials have since sought to temper the market’s expectations.

On Sunday, Nasser told CNBC that Aramco’s plans to buy a strategic position in petrochemicals firm Saudi Basic Industries, or SABIC, will delay the IPO indefinitely.

Asked whether it would be accurate to report that Aramco still plans to list shares by 2020, Nasser said he did not want to commit.

“I don’t want to talk about dates at this stage,” Nasser told CNBC’s Brian Sullivan. “From our side, I just want to say — reiterate — that the government has announced that they are committed to the IPO.”


Company: cnbc, Activity: cnbc, Date: 2018-09-24  Authors: tom dichristopher, mary catherine wellons
Keywords: news, cnbc, companies, aramco, told, 2020, saudi, nasser, plans, shares, ipo, list, committed, remains, cant, say, ceo, happen


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Saudi Arabia and US, seen as oil market rivals, are actually growing together, says Saudi Aramco CEO

“There is room to grow and shale will grow, especially with the market improving,” Nasser told CNBC at IHS Markit’s CERAWeek conference in Houston. Nasser said he is not overly concerned by the growing amount of U.S. oil arriving in terminals in Asia, the world’s demand center for oil, and Europe. However … the U.S. is a big market and we supply a significant amount of our crude to the U.S. as well,” he said. Last year, Aramco announced it would invest $30 billion in the refinery through 2023


“There is room to grow and shale will grow, especially with the market improving,” Nasser told CNBC at IHS Markit’s CERAWeek conference in Houston. Nasser said he is not overly concerned by the growing amount of U.S. oil arriving in terminals in Asia, the world’s demand center for oil, and Europe. However … the U.S. is a big market and we supply a significant amount of our crude to the U.S. as well,” he said. Last year, Aramco announced it would invest $30 billion in the refinery through 2023
Saudi Arabia and US, seen as oil market rivals, are actually growing together, says Saudi Aramco CEO Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-03-06  Authors: tom dichristopher, mary catherine wellons, ty wright, bloomberg, getty images, greg a syverson getty images, mikhail svetlov, daniel acker, robert nickelsberg, matthew busch
Keywords: news, cnbc, companies, rivals, oil, market, united, demand, coming, tariffs, arabia, actually, growing, ceo, nasser, business, seen, aramco, worlds, saudi


Saudi Arabia and US, seen as oil market rivals, are actually growing together, says Saudi Aramco CEO

Asked whether supplies from U.S. shale fields will start crowding out Saudi crude, Nasser noted that forecasts for oil demand see the world consuming an extra 1.4 million to 1.7 million barrels a day in coming years, fueled by strong economic growth.

“There is room to grow and shale will grow, especially with the market improving,” Nasser told CNBC at IHS Markit’s CERAWeek conference in Houston. “But as I said, the demand side is healthy.”

Earlier in the day, International Energy Agency Executive Director Fatih Birol stressed during a CERAWeek press briefing that Saudi Arabia will remain the world’s largest oil exporter even after the United States starts pumping well above the kingdom’s output.

Nasser said he is not overly concerned by the growing amount of U.S. oil arriving in terminals in Asia, the world’s demand center for oil, and Europe.

“Yes, the U.S. is exporting to other markets, but we are also exporting to the U.S. So my point is there is additional supply that is coming from the U.S. Some of it is going to certain markets in Asia and Europe. However … the U.S. is a big market and we supply a significant amount of our crude to the U.S. as well,” he said.

Aramco’s growth stands to benefit Americans in several ways, according to Nasser.

The company’s Motiva refinery in Port Arthur, Texas, is the largest fuel refining facility in the United States, and Aramco plans to expand employment there in coming years. Last year, Aramco announced it would invest $30 billion in the refinery through 2023 and create as many as 12,000 jobs.

Asked whether the tariffs President Donald Trump may impose on steel and aluminum imports would impact the project’s economics, Nasser said the tariffs would have only a limited impact on its U.S. business. He said the company is proceeding with a feasibility study for the expansion.

U.S.-based oilfield service companies active in the kingdom, including Schlumberger, Halliburton and General Electric’s Baker Hughes, are also seeing their fortunes rise as Saudi Arabia flourishes in the oil market, according to Nasser.

“Their business is expanding big time as we are adding more rigs and more services, as we are expanding our upstream business, especially in the gas sectors,” he said.


Company: cnbc, Activity: cnbc, Date: 2018-03-06  Authors: tom dichristopher, mary catherine wellons, ty wright, bloomberg, getty images, greg a syverson getty images, mikhail svetlov, daniel acker, robert nickelsberg, matthew busch
Keywords: news, cnbc, companies, rivals, oil, market, united, demand, coming, tariffs, arabia, actually, growing, ceo, nasser, business, seen, aramco, worlds, saudi


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Global oil sector needs $20 trillion investments over 25 years: Saudi Aramco CEO

The global oil and gas industry needs to invest more than $20 trillion over the next 25 years to meet expected growth in demand and compensate for the natural decline in developed fields, s Chief Executive Officer Amin Nasser said on Tuesday. Speaking at the CERAWeek conference in Houston, Nasser said the industry has already lost $1 trillion of investments since the oil price downturn from 2014 to 2016. Future investments needed “will only come if investors are convinced that oil will be allowe


The global oil and gas industry needs to invest more than $20 trillion over the next 25 years to meet expected growth in demand and compensate for the natural decline in developed fields, s Chief Executive Officer Amin Nasser said on Tuesday. Speaking at the CERAWeek conference in Houston, Nasser said the industry has already lost $1 trillion of investments since the oil price downturn from 2014 to 2016. Future investments needed “will only come if investors are convinced that oil will be allowe
Global oil sector needs $20 trillion investments over 25 years: Saudi Aramco CEO Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-03-06  Authors: aron m sprecher, bloomberg via getty images, jorge silva, mary catherine wellons, getty images, daniel acker, bloomberg, robert nickelsberg, matthew busch, vitanovski
Keywords: news, cnbc, companies, trillion, growth, industry, future, oil, worth, ceo, demand, sector, price, nasser, needs, global, 25, investments, saudi, aramco


Global oil sector needs $20 trillion investments over 25 years: Saudi Aramco CEO

The global oil and gas industry needs to invest more than $20 trillion over the next 25 years to meet expected growth in demand and compensate for the natural decline in developed fields, s Chief Executive Officer Amin Nasser said on Tuesday.

Speaking at the CERAWeek conference in Houston, Nasser said the industry has already lost $1 trillion of investments since the oil price downturn from 2014 to 2016.

Future investments needed “will only come if investors are convinced that oil will be allowed to compete on a level playing field, that oil is worth so much more, and that oil is here for the foreseeable future,” Nasser said.

“That is why we must push back on the idea that the world can do without proven and reliable sources. We must challenge mistaken assumptions about the speed with which alternatives will penetrate markets.”

He also said that he was confident that oil market fundamentals and future demand growth would be healthy, despite significant oil price volatility and forecasts of rising shale oil production.


Company: cnbc, Activity: cnbc, Date: 2018-03-06  Authors: aron m sprecher, bloomberg via getty images, jorge silva, mary catherine wellons, getty images, daniel acker, bloomberg, robert nickelsberg, matthew busch, vitanovski
Keywords: news, cnbc, companies, trillion, growth, industry, future, oil, worth, ceo, demand, sector, price, nasser, needs, global, 25, investments, saudi, aramco


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Massive IPO for Saudi oil giant Aramco reportedly stalled by indecision over where to list shares

Aramco President and CEO Amin Nasser told CNBC last week that the company is ready to list in 2018, but it is waiting for its sole shareholder — the Saudi government — to make a decision about the listing venue. The chances that Aramco will list this year are growing more remote, some of the Journal’s sources say, though some told the paper a 2018 IPO is still possible if Salman makes up his mind soon. President Donald Trump told the Saudis he would appreciate them choosing the NYSE in a Novembe


Aramco President and CEO Amin Nasser told CNBC last week that the company is ready to list in 2018, but it is waiting for its sole shareholder — the Saudi government — to make a decision about the listing venue. The chances that Aramco will list this year are growing more remote, some of the Journal’s sources say, though some told the paper a 2018 IPO is still possible if Salman makes up his mind soon. President Donald Trump told the Saudis he would appreciate them choosing the NYSE in a Novembe
Massive IPO for Saudi oil giant Aramco reportedly stalled by indecision over where to list shares Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-01-29  Authors: tom dichristopher, ali jarekji, mary catherine wellons, -amin nasser, saudi aramco president
Keywords: news, games, cnbc, companies, markets, saudi, listing, nyse, list, nasser, trump, shares, massive, giant, terms, oil, stalled, indecision, reportedly, told, aramco, ipo


Massive IPO for Saudi oil giant Aramco reportedly stalled by indecision over where to list shares

Aramco President and CEO Amin Nasser told CNBC last week that the company is ready to list in 2018, but it is waiting for its sole shareholder — the Saudi government — to make a decision about the listing venue.

“It’s about evaluating all the information that is being passed to the government in terms of different markets that we have in terms of listed venues, whether it is in the U.K., or New York or Hong Kong or other markets,” Nasser said.

The chances that Aramco will list this year are growing more remote, some of the Journal’s sources say, though some told the paper a 2018 IPO is still possible if Salman makes up his mind soon.

The NYSE is at the top of Salman’s list because it comes with access to a huge pool of investors, carries international prestige and could bolster relations with the Trump administration, according to the Journal.

President Donald Trump told the Saudis he would appreciate them choosing the NYSE in a November tweet.

Other options include listing Aramco solely on Saudi Arabia’s Tadawul stock exchange, along with an investment from one of several countries’ sovereign wealth funds. However, the Journal notes that this would be difficult given the Tadawul’s total market capitalization is just $451 billion, as little as one-half to one-quarter the size of Aramco’s estimated valuation.

In a November interview with CNBC, Nasser batted down rumors that Aramco is seeking an investment from China or another nation in lieu of listing on a foreign exchange.


Company: cnbc, Activity: cnbc, Date: 2018-01-29  Authors: tom dichristopher, ali jarekji, mary catherine wellons, -amin nasser, saudi aramco president
Keywords: news, games, cnbc, companies, markets, saudi, listing, nyse, list, nasser, trump, shares, massive, giant, terms, oil, stalled, indecision, reportedly, told, aramco, ipo


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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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The ‘sweet spots’ fueling the US shale oil boom ‘will not last forever,’ Saudi Aramco CEO says

Saudi Aramco’s Amin Nasser, CEO of the world’s largest oil company, says he does not spend much time worrying about booming production from U.S. shale fields. One reason, says Nasser, is that shale drillers will eventually deplete the low-cost, high-quality “sweet spots” they’ve focused on throughout much of the three-year oil price downturn. “The concentration that we are seeing today is on the sweet spot of shale, and this will not last forever,” Nasser said in an exclusive interview on CNBC’s


Saudi Aramco’s Amin Nasser, CEO of the world’s largest oil company, says he does not spend much time worrying about booming production from U.S. shale fields. One reason, says Nasser, is that shale drillers will eventually deplete the low-cost, high-quality “sweet spots” they’ve focused on throughout much of the three-year oil price downturn. “The concentration that we are seeing today is on the sweet spot of shale, and this will not last forever,” Nasser said in an exclusive interview on CNBC’s
The ‘sweet spots’ fueling the US shale oil boom ‘will not last forever,’ Saudi Aramco CEO says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-10-24  Authors: tom dichristopher, myloupe, uig, getty images, pau barrena, bloomberg, simon dawson, ole jensen – corbis, ponywang
Keywords: news, games, cnbc, companies, produce, shale, cost, ceo, saudi, sweet, aramco, worlds, boom, nasser, fueling, worrying, forever, spots, oil


The 'sweet spots' fueling the US shale oil boom 'will not last forever,' Saudi Aramco CEO says

Saudi Aramco’s Amin Nasser, CEO of the world’s largest oil company, says he does not spend much time worrying about booming production from U.S. shale fields.

One reason, says Nasser, is that shale drillers will eventually deplete the low-cost, high-quality “sweet spots” they’ve focused on throughout much of the three-year oil price downturn. American energy companies have driven down the cost of producing a barrel of crude, staved off bankruptcy and prevented output declines by tapping their best oil fields first.

“The concentration that we are seeing today is on the sweet spot of shale, and this will not last forever,” Nasser said in an exclusive interview on CNBC’s “Squawk Box.”

“You can concentrate for some time on the sweet spots and produce more oil. But ultimately you need to venture downward, and that’s where you have less quality and you require more cost to produce these barrels,” Nasser said Sunday from the command center at Saudi Aramco headquarters in Dhahran.


Company: cnbc, Activity: cnbc, Date: 2017-10-24  Authors: tom dichristopher, myloupe, uig, getty images, pau barrena, bloomberg, simon dawson, ole jensen – corbis, ponywang
Keywords: news, games, cnbc, companies, produce, shale, cost, ceo, saudi, sweet, aramco, worlds, boom, nasser, fueling, worrying, forever, spots, oil


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Saudi Aramco’s IPO, the world’s largest ever, is ‘on track’ for 2018, CEO Amin Nasser says

Saudi Aramco’s plan to take a portion of its business public next year remains on track, the oil giant’s chief executive Amin Nasser told CNBC in an exclusive interview. Nasser made his comments Sunday following recent reports that the initial public offering for the world’s largest energy company could be delayed into 2019 or shelved in favor of selling private shares to sovereign wealth funds. Saudi Aramco has tried to swat down those rumors, and Nasser denied the reports again in an interview


Saudi Aramco’s plan to take a portion of its business public next year remains on track, the oil giant’s chief executive Amin Nasser told CNBC in an exclusive interview. Nasser made his comments Sunday following recent reports that the initial public offering for the world’s largest energy company could be delayed into 2019 or shelved in favor of selling private shares to sovereign wealth funds. Saudi Aramco has tried to swat down those rumors, and Nasser denied the reports again in an interview
Saudi Aramco’s IPO, the world’s largest ever, is ‘on track’ for 2018, CEO Amin Nasser says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-10-23  Authors: tom dichristopher, mary catherine wellons, ole jensen – corbis, getty images, visual china group, scott eells bloomberg via getty images, mario tama, ponywang, michael phillips
Keywords: news, games, cnbc, companies, nasser, ipo, sovereign, worlds, 2018, amin, saudi, ceo, reports, aramco, largest, aramcos, shares, wealth, track


Saudi Aramco's IPO, the world's largest ever, is 'on track' for 2018, CEO Amin Nasser says

Saudi Aramco’s plan to take a portion of its business public next year remains on track, the oil giant’s chief executive Amin Nasser told CNBC in an exclusive interview.

Nasser made his comments Sunday following recent reports that the initial public offering for the world’s largest energy company could be delayed into 2019 or shelved in favor of selling private shares to sovereign wealth funds. Saudi Aramco has tried to swat down those rumors, and Nasser denied the reports again in an interview with “Squawk Box”in the command center at Saudi Aramco headquarters in Dhahran.

“We have always said that we will be listing in 2018, and to be more specific, in the second half of 2018,” he said. “However, I think journalists and writers — they are expecting more and more information, and we are governed by, you know, certain rules with regard to talking about the IPO and all of that.”

“The IPO is on track. The listing venue will be discussed and shared in due course,” Nasser added.

Saudi Aramco, the world’s largest oil company, plans to list its shares on the Saudi domestic stock market, the Tadawul, and one or more foreign exchanges. However, it has yet to choose the overseas market, fueling speculation about the kingdom’s plans. The Financial Times reported last month that China was emerging as a front-runner in the possible plan to delay the IPO and sell shares to sovereign wealth funds.


Company: cnbc, Activity: cnbc, Date: 2017-10-23  Authors: tom dichristopher, mary catherine wellons, ole jensen – corbis, getty images, visual china group, scott eells bloomberg via getty images, mario tama, ponywang, michael phillips
Keywords: news, games, cnbc, companies, nasser, ipo, sovereign, worlds, 2018, amin, saudi, ceo, reports, aramco, largest, aramcos, shares, wealth, track


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Aramco CEO sees oil supply shortage as investments and discoveries drop

The world might be heading for an oil supply shortage following a steep drop in investments and a lack of fresh conventional discoveries, Saudi Aramco’s chief executive said on Monday. “If we look at the long-term situation of oil supplies, for example, the picture is becoming increasingly worrying,” Nasser said. “Financial investors are shying away from making much needed large investments in oil exploration, long-term development and the related infrastructure. Investments in smaller increment


The world might be heading for an oil supply shortage following a steep drop in investments and a lack of fresh conventional discoveries, Saudi Aramco’s chief executive said on Monday. “If we look at the long-term situation of oil supplies, for example, the picture is becoming increasingly worrying,” Nasser said. “Financial investors are shying away from making much needed large investments in oil exploration, long-term development and the related infrastructure. Investments in smaller increment
Aramco CEO sees oil supply shortage as investments and discoveries drop Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-07-10  Authors: reza, getty images
Keywords: news, games, cnbc, companies, oil, conventional, shale, production, supply, drop, discoveries, needed, million, investments, resources, nasser, aramco, sees, world, shortage, ceo


Aramco CEO sees oil supply shortage as investments and discoveries drop

The world might be heading for an oil supply shortage following a steep drop in investments and a lack of fresh conventional discoveries, Saudi Aramco’s chief executive said on Monday.

Unconventional shale oil and alternative energy resources are an important factor to help meet future demand but it is premature to assume that they can be developed quickly to replace oil and gas, Amin Nasser told a conference in Istanbul.

“If we look at the long-term situation of oil supplies, for example, the picture is becoming increasingly worrying,” Nasser said.

“Financial investors are shying away from making much needed large investments in oil exploration, long-term development and the related infrastructure. Investments in smaller increments such as shale oil will just not cut it,” Nasser said.

About $1 trillion in investments have already been lost since a decline in oil prices from 2014. Studies show that 20 million barrels per day of new production will be needed to meet demand growth and offset natural decline of developed fields over the next five years, he said.

“New discoveries are also on a major downward trend. The volume of conventional oil discovered around the world over the past four years has more than halved compared with the previous four,” Nasser said.

State oil giant Aramco, which is preparing to sell around 5 percent in itself next year in an initial public offering, is continuing to invest in maintaining its oil production capacity of 12 million barrels per day.

“We plan to invest more than $300 billion over the coming decade to reinforce our pre-eminent position in oil, maintain our spare oil production capacity, and pursue a large exploration and production program centering on conventional and unconventional gas resources,” Nasser said.

Nasser said that one of Aramco’s priorities was “direct conversion of crude oil into petrochemicals” while adding the company was also focusing on solar and wind projects.

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Company: cnbc, Activity: cnbc, Date: 2017-07-10  Authors: reza, getty images
Keywords: news, games, cnbc, companies, oil, conventional, shale, production, supply, drop, discoveries, needed, million, investments, resources, nasser, aramco, sees, world, shortage, ceo


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