Aramco Ipo: Sale could be limited to Riyadh bourse
Until 2014, oil income made up more than 90% of public revenues
PHOTO: AFP
RIYADH:
Saudi Arabia is not ruling out the option of limiting the initial sale of Aramco shares only on the Riyadh stock exchange, a spokesman for the state-owned oil giant said on Saturday. “A range of options, for the public listing of Saudi Aramco, continues to be held under active review,” the spokesman told AFP, questioned on reports that sales on international markets would follow at a later stage. “No decision has been made and the IPO process remains on track,” he said. The sale next year of just fewer than 5% of Aramco forms the cornerstone of the oil-rich kingdom’s reform programme to wean the economy off its reliance on oil prices. Until 2014, oil income made up more than 90% of public revenues.
Published in The Express Tribune, October 15th, 2017.
Saudi Arabia is not ruling out the option of limiting the initial sale of Aramco shares only on the Riyadh stock exchange, a spokesman for the state-owned oil giant said on Saturday. “A range of options, for the public listing of Saudi Aramco, continues to be held under active review,” the spokesman told AFP, questioned on reports that sales on international markets would follow at a later stage. “No decision has been made and the IPO process remains on track,” he said. The sale next year of just fewer than 5% of Aramco forms the cornerstone of the oil-rich kingdom’s reform programme to wean the economy off its reliance on oil prices. Until 2014, oil income made up more than 90% of public revenues.
Published in The Express Tribune, October 15th, 2017.