Saudi Arabia Mulls Reviving Aramco Share Sale
01.31.2024 By Tank Terminals - NEWS

January 31, 2024 [Reuters]- Saudi Arabia is considering reviving plans for a follow-on share offering in state oil company Saudi Aramco (2223.SE), opens new tab to raise at least 40 billion riyals ($10 billion) as early as February, Bloomberg News reported on Wednesday, citing people familiar with the matter.

 

The report follows the Saudi government’s order on Tuesday for Aramco to halt its oil expansion plan.

Saudi Arabia’s surprise reversal of its oil expansion plan was at least six months in the making and spurred by uncertainty over the market’s need for additional spare capacity, an industry source told Reuters.

Saudi Aramco is the world’s biggest oil company, with a market value of $2.02 trillion. It completed the world’s largest initial public offering in late 2019, raising $25.6 billion and later selling more shares to raise the total to $29.4 billion.

Its shares were down about 2% after the report on the follow-on offering. The company did not immediately respond to a Reuters request for comment.

The Saudi government directly holds a 90.19% stake in Aramco, the sovereign Public Investment Fund (PIF) 4% and PIF subsidiary Sanabil another 4%, according to LSEG data.

In September of last year, the Wall Street Journal reported that Aramco was considering selling a stake worth as much as $50 billion through a secondary share offering on the Riyadh bourse after consultations with advisers.

 

Free Trial: Access 13,300 Tank Terminal and Production Facilities

13,300 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

China's Natural Gas Production Surged in First Half of 2024
07.15.2024 - NEWS
July 15, 2024 [Oilprice]- China’s natural gas production increased by 6% in the first half of t... Read More
Fore Part of Hull Launches in China for ‘World’s Largest FPSO Unit’
07.15.2024 - NEWS
July 15, 2024 [Offshore Energy]- Chinese state-owned engineering company ZPMC has launched the fo... Read More
Stolthaven Terminals and GES to Operate Brazil’s First Green Ammonia Export Terminal
07.15.2024 - NEWS
July 15, 2024 [Storage Terminals Magazine]- Stolthaven Terminals, in collaboration with Global En... Read More
ADCC Pipeline Starts Delivering Gas to Cheniere’s Corpus Christi LNG Plant
07.15.2024 - NEWS
July 15, 2024 [LNG Prime]- The ADCC pipeline has started delivering natural gas to Cheniere’s C... Read More