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OIL AND GAS NEWS

Saudi Aramco IPO to boost sustainable growth, quality jobs

Jul 8, 2017 8:28 AM

The planned initial public offering (IPO) of Saudi Aramco the world s biggest oil company on local and international stock markets is the most notable feature of the kingdom s transformation and will help...

The planned initial public offering (IPO) of Saudi Aramco, the world’s biggest oil company, on local and international stock markets is the most notable feature of the kingdom’s transformation and will help generate sustainable growth and quality jobs for citizens, reported Arab News, citing Minister of Energy Khalid Al Falih.
 
In his message unveiling Aramco’s 2016 annual review on Thursday, Al Falih, who is also chairman of the oil giant, said the IPO - which is set to value Aramco at $2 trillion and scheduled for late next year - would “elevate the international visibility of the company’s decision making and governance, and building confidence in its long-term strategy.”
 
According to him, this is a major move aimed at helping reduce its dependence on oil revenue under its Vision 2030 plan.
 
"The Vision, which aims to diversify the national economy beyond oil and build a thriving private sector, will enable Saudi Aramco to expand its global presence," explained Al Falih. 
 
Concurrently with the Vision, the company will enlarge its supply chain and improve business reliability through a local network of suppliers and manufacturers while increasing the competitiveness of Saudi Arabia’s energy sector,” he noted.
 
In 2016, which Al-Falih said was a “challenging year,” Aramco reached an all-time record for production of crude oil, pumping an average of 10.5 million barrels a day (mbd) — the biggest daily figure of any oil company in history.
 
Late in the year, Saudi Arabia led the Organization of the Petroleum Exporting Countries (Opec) initiative to cap oil production in the face of falling prices, which Al Falih said has “set the stage for an improved business environment in 2017.”
 
According to him, 2016 has been a “turning point” for Aramco, Saudi Arabia and the global oil industry.
 
Saudi Arabia, he stated, ratified the Paris Agreement on climate change in 2016, just before the US signaled it was to leave the global pact to protect the environment. 
 
"The role of oil and gas in the global energy mix will remain significant for decades to come," he added.
 
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