Saudi Aramco IPO on track for 2018

Ruben Hill
October 6, 2017

Signatories to the document were Alexander Dyukov, CEO of Gazprom Neft, and Amin H. Nasser, President and CEO, Saudi Aramco.

THE STOCK market flotation of part of state-owned oil behemoth Saudi Aramco is still set for 2018, the Saudi Arabian oil minister said yesterday.

"We're looking at a big renewable investment, but it doesn't trade". Saudi Arabia, S-400, as well as Cornet anti-tank-guided missile systems, agreed with Russian Federation on acquisition of multiple rocket launchers.

"Saudi Energy Minister Khalid al-Falih, who is also Aramco´s chairman, said on Thursday that the IPO would happen in the second half of 2018, adding that the listing would be used as a "catalyst" for the opening up of the Saudi economy".

A generally positive mood in worldwide stock markets and a stabilisation of crude oil prices after falls in the past few days may support equity markets in the Gulf on Thursday.

In response to reporters' questions about a possible participation of Russian companies in the Aramco IPO scheduled for next year, Nasser said no such talks were going on at the moment.

Both Falih and Nasser are part of an official Saudi visit to Moscow.

As per the report, Saudi Aramci is investing in refineries in major markets to lock in customers ahead of its initial public offering next year, and the India unit, on top of sales, will look for opportunities to take stakes in refining and petrochemical projects in the country.

The leaders of Saudi Arabia and Russian Federation are expected to discuss cooperation on oil production and differences over Syria and Iran on Thursday during the first visit to Moscow by a reigningSaudi monarch.

Saudi authorities are now in Russian Federation working on a number of agreements, as well as attending a forum on the energy industry in Moscow, Gulf Business said. One of those was a memorandum of understanding signed on Thursday between Aramco and Russia´s oil trading company Litasco. Several investment agreements will be signed during King Salman´s trip and plans for a $1-billion fund to invest in energy projects are likely to be finalised.

Other reports by Click Lancashire

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