Saudi Aramco IPO will guarantee growth and jobs: Al-Falih

Saudi Minister of Energy Khalid Al-Falih. (SPA file photo)
Updated 07 July 2017
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Saudi Aramco IPO will guarantee growth and jobs: Al-Falih

DUBAI: The forthcoming sale of shares in Saudi Aramco, the world’s biggest oil company, will help generate sustainable growth and quality jobs for citizens of the Kingdom, according to Minister of Energy Khalid Al-Falih.
In his message unveiling Aramco’s 2016 annual review on Thursday, Al-Falih, who is also chairman of the oil giant, said the planned initial public offering (IPO) on Saudi and international stock markets was “the most notable feature of the Kingdom’s transformation” as set out in the Vision 2030 plan to reduce its dependence on oil revenue.
“The Vision, which aims to diversify the national economy beyond oil and build a thriving private sector, will enable Saudi Aramco to expand its global presence. Concurrently with the Vision, the company will enlarge its supply chain and improve business reliability through a local network of suppliers and manufacturers while increasing the competitiveness of Saudi Arabia’s energy sector,” he said.
He added that the IPO — which is set to value Aramco at $2 trillion and which is scheduled for late next year — would “elevate the international visibility of the company’s decision making and governance, and building confidence in its long-term strategy.”
In 2016, which Al-Falih said was a “challenging year,” Aramco reached an all-time record for production of crude oil, pumping an average of 10.5 million barrels a day (mbd) — the biggest daily figure of any oil company in history.
Late in the year, Saudi Arabia led the Organization of the Petroleum Exporting Countries (OPEC) initiative to cap oil production in the face of falling prices, which Al-Falih said has “set the stage for an improved business environment in 2017.”
He said that 2016 was a “turning point” for Aramco, Saudi Arabia and the global oil industry.
Saudi Arabia ratified the Paris Agreement on climate change in 2016, just before the US signaled it was to leave the global pact to protect the environment. Al-Falih said that “the role of oil and gas in the global energy mix will remain significant for decades to come.”


Air France, Emirates maintain Cairo flights after British Air suspension

Updated 21 July 2019
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Air France, Emirates maintain Cairo flights after British Air suspension

  • British Airways, a unit of IAG, said it was suspending flights to Cairo for seven days “as a precaution”
  • Germany’s Lufthansa later said it had canceled its flights to Cairo from Munich and Frankfurt and would resume its connection

PARIS: Air France, Emirates and Etihad Airways are continuing to operate flights to Cairo after British Airways and Lufthansa suspended services to Egypt’s capital.
International Airlines Group’s British Airways suspended flights on Saturday for seven days “as a security precaution” as it reviews security at Cairo airport.
Germany’s Lufthansa later said it canceled services from Munich and Frankfurt to Cairo and would resume flights on Sunday.
“In liaison with the French authorities and the local authorities in Egypt, Air France has decided to maintain its service to Cairo,” a spokesman said in a statement sent to Reuters.
An Emirates spokeswoman said its flights were operating to schedule.
“We are closely assessing the situation and are in contact with the relevant aviation authorities with regards to our flight operations to Egypt,” the spokeswoman said.
The website for Abu Dhabi’s Etihad showed its services were also operating.
“Etihad Airways is monitoring the security situation in Cairo,” an airline spokesman said.