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Tags: APFN | ML | Saudi Arabia | Oil

Saudi Arabia Says it 'remains Committed' to Aramco IPO

Wednesday, 22 August 2018 11:38 PM EDT

DUBAI, United Arab Emirates (AP) — Saudi Arabia says it "remains committed" to an initial public offering of the state-run oil behemoth Saudi Aramco despite delays and growing speculation it may never be listed.

Saudi Energy Minister Khalid al-Falih issued a statement early Thursday saying "timing will depend on multiple factors, including favorable market conditions, and a downstream acquisition which the company will pursue in the next few months, as directed by its board of directors."

Al-Falih did not elaborate. However, that acquisition is likely the Saudi Arabian Oil Co.'s proposed purchase of a stake in petrochemical firm SABIC.

The IPO of Aramco is a major plank of 32-year-old Crown Prince Mohammed bin Salman's economic plans for the kingdom.

There have been delays, however. Reuters on Wednesday quoted anonymous officials saying the IPO had been scrapped.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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Saudi Arabia says it "remains committed" to an initial public offering of the state-run oil behemoth Saudi Aramco despite delays and growing speculation it may never be listed.Saudi Energy Minister Khalid al-Falih issued a statement early Thursday saying "timing will depend...
APFN,ML,Saudi Arabia,Oil
135
2018-38-22
Wednesday, 22 August 2018 11:38 PM
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