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
0

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.


India’s Jet Airways and Saudi Arabia’s flynas strike codeshare deal to boost inter-city travel

Updated 12 December 2018
0

India’s Jet Airways and Saudi Arabia’s flynas strike codeshare deal to boost inter-city travel

  • Under the agreement, travelers will be able to use either airline for their trips between the two countries and on some domestic connections
  • Codeshare agreement will support close to 6 million passengers who travel between Saudi Arabia and India for religious tourism and business purposes

LONDON: The Indian airline Jet Airways has signed a codeshare agreement with Saudi Arabia’s budget airline flynas, which will improve the connectivity between major Indian and Saudi Arabian cities.
Under the agreement, travelers will be able to use either airline for their trips between the two countries and on some domestic connections.
Flights are on sale now with customers able to travel on codeshare flights from Tuesday.
“This partnership is an important step in-line with flynas’ expansion and development strategy. Through such agreements we aim to offer a continually improved service to our passengers by adding more travel routes and expanding our reach regionally and internationally, in particular to key markets such as India,” said flynas’ CEO, Bander Al-Mohanna.

 

Jet Airways will place its marketing code “9W” on flynas flights between Dammam and Jeddah and Riyadh. The code will also be placed on connections from those cities to the holy city of Madinah as well as Gizan, Gassim, Taif and Abha. This will enable Jet Airways customers to fly into one Saudi city and leave via another.
Flynas will place its marketing code XY on Jet Airways’ international flights connecting Jeddah to Mumbai, Riyadh to Mumbai and Delhi. It will also cover flights from Dammam to Mumbai and Delhi.
Flynas will place its code on some destinations within Jet Airways domestic network, via Mumbai to Delhi, Kochi, Bengaluru, Hyderabad, and Lucknow as well as via Delhi to Bengaluru, Lucknow, Chennai and Kochi.
The codeshare agreement will support close to 6 million passengers who travel between Saudi Arabia and India for religious tourism and business purposes, said Marnix Fruitema, executive vice president — commercial, Jet Airways.
“Saudi Arabia is the second largest international travel market to and from India,” he said in a statement.

FACTOID

Saudi Arabia is the second largest international travel market to and from India.