Arts&Culture

Saudi Aramco Public Listing May Be Delayed Until 2019

Saudi Aramco Public Listing May Be Delayed Until 2019

London will compete with NY for the $2trn foreign flotation, along with a Riyadh listing.

Investors waiting for the chance to buy a piece of Aramco, Saudi Arabia's state-owned oil behemoth, will probably have to wait.

British officials have been informed that Saudi Aramco's initial public offering is likely to be pushed back from the second half of 2018 until 2019.

The newspaper interviewed relatives, advisers, associates of the detainees, as well as Saudi officials, who denied the allegations.

Saudi Arabia is planning to list up to 5% of Saudi Aramco in an initial public offering that could value it at up to $2 trillion and make it the world's biggest oil company by market capitalisation.

Saudi King Salman's order to establish new anti-corruption units as part of the kingdom's anti-graft campaign comes as fresh revelations have emerged of how detainees swept up in the campaign were treated and where their assets have gone.

In the meeting, the United Kingdom also stressed the importance of opening ports to allow aid to enter Yemen, following the blockage of ports by the Saudi coalition. Hong Kong has also been cited as an option for the company.

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Doe's lawyer, William Shaheen, revealed she is from the town of Merrimack, 30 miles south of the state capital of Concord. The commission says it will consult with the attorney general's office to determine what to do next regarding the case.

But its finances have not been transparent, and both the American and London stock exchanges require both transparency and the protection of public shareholders.

King Salman also announced that an anti-corruption conference will be held in April at which combating corruption in privatisation programs will be discussed, the Saudi government website reported. Saudi Arabia had laid out plans for Aramco's dual listing on the Saudi stock market and an global exchange, with markets in New York, London and Hong Kong vying for the offering.

Saudi's Bin Salman is believed to favor listing in NY, while officials, including Energy Minister Khalid al-Falih, reportedly favor London.

A public offering overseas was meant, in part, to send a signal that the country was changing. Aramco could also sell shares in China in a private placement.

"My fear is that they are not prepared for this new world", Floris Ansingh, a former head of Royal Dutch Shell in Saudi Arabia, said of Aramco. "That will be forced upon them".

Trump visited Saudi Arabia past year on his first foreign trip as president.

Meanwhile, Al Falih said the agreement would help support the country's Vision 2030 clean energy plans, which aims to diversify the state's energy mix away from a heavy reliance on oil and gas. In the region, speculation has turned to a possible sale of a stake to a sovereign wealth fund, possibly the Chinese.


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