Aramco chief says all work needed for IPO to be done by second half of 2018

Saudi Aramco CEO Nasser Amin said that “all the work-streams” needed for the oil giant’s public listing would be completed by the second half of 2018. (Reuters)
Updated 04 April 2018
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Aramco chief says all work needed for IPO to be done by second half of 2018

  • New maritime industries complex and King Salman Energy City to be fully operational in 2022
  • 2 "Giga" projects would create 180,000 jobs in KSA and contribute $16 billion to national GDP
LONDON: Saudi Aramco CEO Amin Nasser said that “all the work-streams” needed for the oil giant’s public listing would be completed by the second half of 2018.
But the Aramco boss did not reveal any clues about the likely location for the listing.
“On the question of where we will be listed, I will park that,” he said.

The London Stock Exchange, as well as exchanges in New York and Hong Kong are competing to be the international location for the initial public offering that could raise about $100 billion and value the state-owned oil from at as much as $2 trillion.
Nasser told the London forum that Aramco viewed gas as a “significant” growth area, and he was trying to capture growth in different parts of the world, both upstream and downstream.
There has been speculation Aramco might do gas deals with Russia and even buy shale assets in the US.
During a panel discussion about KSA “giga-projects,” Nasser flagged up major projects in KSA where the oil company was active in promoting development and growth.
For example, he talked about a new maritime industries complex in the Kingdom that is a joint project with global companies such as Hyundai Heavy Industries.
“When fully operational in 2022, this integrated maritime yard will be one of the largest full-service maritime facilities,” he said.
He also mentioned King Salman Energy City.
“The industrial manufacturing center will be developed over 500,000 square meters on land allocated for energy-related industries,” he said.
The first phase is expected to be completed in the second quarter of 2018.
Last year, US-based drilling and oil service firm Schlumberger said it would develop a manufacturing facility within the park.
Nasser said the new development would bring major manufacturing capacity to the Kingdom, with the potential to develop export markets.
He added the idea was “to bring the jobs and investment that are crucial to both Saudi Aramco’s IKTVA (In-Kingdom Total Value Add) development program, and the Kingdom’s Vision 2030.”
He estimated that the two giga projets would create 180,000 jobs in KSA and contribute $16 billion to national GDP.


OPEC allies including Russia back output hike: Angola

Updated 23 June 2018
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OPEC allies including Russia back output hike: Angola

  • Russia on Saturday joined partner countries in backing an OPEC-led pledge to boost oil production in response to growing global demand
  • The green light was widely expected after energy ministers from the Organization of Petroleum Exporting Countries already agreed on Friday to raise output by one million barrels a day

VIENNA: Russia on Saturday joined partner countries in backing an OPEC-led pledge to boost oil production in response to growing global demand, Angolan Oil Minister Diamantino Azevedo said.
“We have agreed,” Azevedo told reporters after a meeting with OPEC ministers and 10 non-OPEC partner countries in Vienna.
The green light was widely expected after energy ministers from the Organization of Petroleum Exporting Countries already agreed on Friday to raise output by one million barrels a day.
The proposal is the result of a face-saving compromise hammered out after days of tense talks in Vienna dominated by Iran’s resistance to easing an 18-month-old supply-cut deal that has lifted oil prices to multi-year highs.
Saudi Arabia, supported by Russia, was strongly in favor of pumping more oil to ease fears of a supply crunch and quiet grumbles about the higher prices in major consumer countries like the United States, China and India.
But Iran, bracing for the impact of fresh US sanctions on its oil exports, fiercely objected to raising output targets, as did countries like crisis-hit Venezuela and Iraq who are unable to raise output in the near term.
In the end, a vaguely-worded statement that made no mention of the one-million figure allowed all sides to save face.
Ministers also acknowledged that production problems in several countries meant the real number of extra barrels coming to the market would be several hundred thousand less.
Markets were disappointed with the modest output hike, sending crude prices soaring on Friday.
Brent crude added $2.50 to finish at $75.55 a barrel, while the US benchmark West Texas Intermediate gained $3.04 at $68.58 per barrel.