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
0

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.”


Saudi Arabia’s nuclear program ‘fundamental to Kingdom’s energy sector’

Updated 18 September 2018
0

Saudi Arabia’s nuclear program ‘fundamental to Kingdom’s energy sector’

JEDDAH: Saudi Arabia’s atomic energy program is fundamental for developing a sustainable energy sector, a senior minister told the International Atomic Energy Agency on Monday.
The Kingdom plans to start building its first two nuclear power reactors this year and as many as 16 over the next 25 years at a cost of more than $80 billion. The plan is to provide 15 percent of Saudi Arabia’s power from nuclear by 2032.
Speaking at the IAEA’s annual conference in Vienna, Energy Minister Khalid Al-Falih said the atomic reactor projects were were part of the Kingdom’s Vision 2030 to diversify its energy sources to nuclear and renewables.
The program “abides by all international treaties and conventions and best practices, adhering to the highest standards of safety, security and transparency,” Al Falih said.
The minister said Saudi Arabia was committed to the Treaty on the Non-Proliferation of Nuclear Weapons, which calls for nuclear disarmament and stresses the commitment of nuclear power states to share their peaceful technologies with abiding member states.
He also said the Kingdom had called for cooperation with the international community to make the Middle East a nuclear weapons free area.
The US has started to reintroduce heavy sanctions against Iran over its nuclear program, after Donald Trump pulled out of a deal with the country earlier this year to curb its atomic ambitions.
Al-Falih called on the international community to take a more stringent stance against all threats to regional and international security, particularly Iran, given its “alarming efforts to build its nuclear capabilities, in tandem with its increasing acts of sabotage and aggression against other states in the region.”