Saudi Aramco Considers Selling $50 Billion in Shares: Report
09.06.2023 By Tank Terminals - NEWS

September 6, 2023 [Oil & Gas]- Aramco is considering selling a stake worth as much as $50 billion through a secondary share offering on the Riyadh bourse after consultations with advisers, the Wall Street Journal reported on Friday.

 

The sale could happen before the end of the year, the report said, adding that Aramco has been “sounding out” potential investors, such as other multinational oil companies and sovereign-wealth funds, about participating in the deal.

Saudi Arabia has decided to host any new Aramco offering on the Riyadh exchange to avoid legal risks associated with an international listing, the report said, citing Saudi officials and other people familiar with the plan.

Saudi Aramco is the world’s biggest oil company, with a market value of $2.25 trillion. Its shares have risen 19.6% this year.

The company 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.

Saudi Arabia had planned in addition to sell Aramco shares worth up to $50 billion last year, but decided market conditions were unfavourable, the Journal said.

Saudi Arabia’s Crown Prince Mohammed bin Salman, the kingdom’s de facto ruler, in January 2021 said that Saudi Aramco would sell more shares, with proceeds used bolster the country’s main sovereign wealth fund.

“There will be Aramco share offerings coming in the coming years, and this cash will be transferred to the Public Investment Fund,” said Prince Mohammed, speaking at the kingdom’s Future Investment Initiative conference.

 

Pro Trial: Access 12,600 Tank Terminal and Production Facilities

12,600 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

Axalta to Acquire the CoverFlexx Group, a Leading Aftermarket Coatings Business Focused on Economy Customers in North America
05.17.2024 - NEWS
May 17, 2024 [Axalta]- Axalta Coating Systems (NYSE: AXTA), a leading global coatings company, to... Read More
Airport Operator Groupe ADP Invests $20 Million in Sustainable Aviation Fuel Provider LanzaJet
05.17.2024 - NEWS
May 17, 2024 [ESG Today]- Sustainable aviation fuel (SAF) technology and production company Lanza... Read More
Nordsol and Prodeval Announce Groundbreaking Bio-LNG Production Facility in Portugal
05.17.2024 - NEWS
May 17, 2024 [Storage Terminals Magazine]- Nordsol, a pioneer in bio-LNG technology, and Prodeval... Read More
Dow Expands Propylene Glycol Capacity in Thailand
05.17.2024 - NEWS
May 17, 2024 [Dow]- Dow announced the start-up of its propylene glycol (PG) capacity expansion at... Read More