SAUDI ARABIA: Saudi Aramco considering share sale

State-owned oil, refinery and petrochemical producer Saudi Aramco confirmed that it has been studying various options to allow broad public participation in its equity through the listing in the capital markets of an appropriate percentage of the company’s shares and/or the listing of a bundle of its downstream subsidiaries.

Once the study of these various options is complete, the findings will be presented to the company’s Board of Directors which will make its recommendations to the Saudi Aramco Supreme Council. This proposal is consistent with the broad and progressive direction pursued by the Kingdom for reforms, including privatization in various sectors of the Saudi economy and deregulation of markets, which the company strongly supports.

Saudi Aramco emphasized that this process will strengthen the company's focus on its long term vision of becoming the world’s leading energy and chemical enterprise. This includes prudently managing the Kingdom’s hydrocarbon resources, adding value across the value chain, reliably meeting its customers’ demand, and meeting its stakeholder and environmental commitments.

Source: Saudi Aramco website, Dharan; 8 Jan 2016
(Syed Rashid Ali, Karachi, Pakistan)