Saudi energy minister says Aramco IPO still on, refutes media reports indicating otherwise

Saudi Energy Minister Khalid Al-Falih. (AN file photo)
Updated 23 August 2018
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Saudi energy minister says Aramco IPO still on, refutes media reports indicating otherwise

JEDDAH: In response to recent media reports about the IPO of Saudi Aramco, H.E. Khalid Al Falih, Minister of Energy, Industry and Mineral Resources and Chairman of Saudi Aramco issued the following statement dismissing speculation surrounding the cancellation of the IPO as not true.

“The Government remains committed to the IPO of Saudi Aramco at a time of its own choosing when conditions are optimum. This timing will depend on multiple factors, including favorable market conditions, and a downstream acquisition which the Company will pursue in the next few months, as directed by its Board of Directors.

To prepare for the listing of Saudi Aramco, the Government has undertaken a number of major preparatory measures including issuing a new income tax law as it relates to hydrocarbons activities; reissuing a long-term exclusive concession; and appointing a new Board of Directors, amongst other measures to safeguard its interests and those of the company’s future private shareholders.

The company, for its part, has completed its internal program for IPO preparedness. Specifically, it has amended its bylaws; converted to a joint stock company; ensured that its internal segmental financial reporting aligns with potential listing venue requirements; established an investor relations function; and undertaken the first independent certification of its hydrocarbon reserves, all confirming the company’s peerless status in the industry. This is all positive progress on what is a complex process, preparing the company and the Kingdom for what will ultimately be a global landmark market offering of unprecedented quality and scale.”


US denies ‘final conclusion’ reached on Khashoggi case

Updated 18 November 2018
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US denies ‘final conclusion’ reached on Khashoggi case

  • A US newspaper published what it claimed were details of an intelligence report on the case
  • ‘The State Department will continue to seek all relevant facts’

JEDDAH: The US government denied on Saturday it had reached a final conclusion over the killing of Jamal Khashoggi after a US newspaper published what it claimed were details of an intelligence report on the case. 
“Recent reports indicating that the US government has made a final conclusion are inaccurate,” State Department spokeswoman Heather Nauert said.
“There remain numerous unanswered questions with respect to the murder of Mr. Khashoggi. The State Department will continue to seek all relevant facts,” she said.
“In the meantime, we will continue to consult Congress, and work with other nations to hold accountable those involved in the killing of Jamal Khashoggi.”

But President Donald Trump told reporters on Saturday that his administration would get “a very full report,” including who was responsible for Khashoggi’s death, on Monday or Tuesday.
The Washington Post published an article citing anonymous sources, who it says are close to the CIA which suggests the Crown Prince Mohammad bin Salman ordered the killing — something Saudi Arabia vehemently denies.
The Kingdom’s public prosecutor on Thursday released details of its investigation, saying the decision to kill the journalist was made by the head of a rogue mission during an attempt to repatriate him. The prosecutor is seeking the death penalty for five of the suspects. 
On Saturday, Donald Trump spoke with CIA Director Gina Haspel and Secretary of State Mike Pompeo from Air Force One, press secretary Sarah Huckabee Sanders said. 
Trump praised US relations with Saudi Arabia when he was asked about the case. Saudi Arabia is “a truly spectacular ally in terms of jobs and economic development,” the US president said.
Earlier, Saudi Arabia’s ambassador to the US Prince Khalid bin Salman, strongly denied the Washington Post story, and said he did not tell Khashoggi to go to Turkey, as the report claimed. 
“I never talked to him by phone and certainly never suggested he go to Turkey for any reason. I ask the US government to release any information regarding this claim,” Prince Khalid said
Khashoggi, a Saudi who lived in the United States, was a columnist for the Post.
He was killed on Oct. 2 at the Saudi Consulate in Istanbul after he went to get marriage documents.