Published: Sat, October 12, 2019
Markets | By Otis Pena

Several Asian refiners to get full Saudi oil supplies in November

Several Asian refiners to get full Saudi oil supplies in November

The moves, which came as the state-run company said it had reinstated all output halted by attacks on its main crude-processing facility last month, show preparations are quickening for the listing, with the goal of offering shares on the Saudi bourse as soon as November.

Crown prince Mohammed bin Salman has previously called for the firm to be valued at $2 trillion, while other Saudi officials and company executives have pegged Aramco's valuation closer to $1.5 trillion.

Coordinated strikes on major Saudi Arabian oil facilities, among the world's largest and most vital energy production centers, have destroyed about half of the kingdom's oil capacity, or 5% of the daily global oil reserve.

Saudi Aramco CEO Amin Nasser said Wednesday the drone attacks to Saudi oil facilities didn't affect plans for an initial public offering (IPO), but inaction on an worldwide level to deal with the attacker may feed further threats, Kallanish Energy reports.

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Nasser called the mid-September strikes on Aramco facilities "an attack on the global economy", and not only on Saudi Arabia, and, in a possible dig at U.S. allies, complained about "an absence of worldwide resolve to take concrete action", which he said "may embolden the attackers and indeed put the world's energy security at greater risk". "It's instigated by Iran for sure, there's no doubt", Nasser said. Yemen-based Houthi rebels claimed responsibility for blowing up the oil installations. The attacks also had "no impact on the (initial public offering) whatsoever", he said.

Aramco is poised to release its prospectus October 25 in Arabic, and follow up with an English version two days later, sources told WSJ.

A spokesperson for Iran's foreign ministry, Seyyed Abbas Mousavi, rejected the accusation that Tehran was behind the attacks, saying that "blind accusations and inappropriate comments in a diplomatic context are incomprehensible and meaningless". Aramco earlier announced plans to sell between 1 and 2 percent of the company in a local stock market listing, with more share sales possible internationally at a later date.

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