Saudi Aramco IPO unlikely to happen this year after oil attacks: sources

Saudi Arabia is unlikely to list its state-owned oil giant Aramco this year after attacks this month on its facilities, two sources with direct knowledge of the company’s thinking said.

The initial public offering (IPO) of Aramco, the world’s largest oil company, is the pillar of Crown Prince Mohammed bin Salman’s economic reform agenda that aims to raise billions of dollars to help diversify the kingdom away from oil.

Aramco did not immediately respond to a request for comment. The sources declined to be identified because the information is not public.

Aramco Chairman Yassir al-Rumayyan said last week after the attacks, which initially halved the crude output of the world’s top oil exporter, that it would be ready for the IPO within one year. Read More