Friday, 05 June, 2020

Saudi Aramco CEO says output stood at 9.9 mln in October

Saudi Aramco CEO says output stood at 9.9 mln in October Saudi Aramco CEO says output stood at 9.9 mln in October
Ginger Lawrence | 12 October, 2019, 13:39

Then there is Saudi Aramco, which these years pumps just below 10 million barrels per day-more than the world's top four listed oil companies combined.

Saudi Arabia's giant oil company likely isn't worth as much as Crown Prince Mohammed bin Salman has hoped.

Amid growing calls for meaningful climate actions and an investor community wary of betting on Big Oil in a world of energy transition, Aramco and all the other major oil companies are now playing the ultimate trump card-handsome shareholder returns.

The state-owned oil company could sell 1% to 2% of its shares on Saudi Arabia's domestic exchange as soon as November, the Wall Street Journal reported Tuesday. The government wants Aramco's IPO to achieve a $2 trillion valuation, however, the downgrade of its credit rating could put a shadow on these plans.

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Attacks on Saudi oil facilities have had no impact on Saudi Aramco's position ahead of a planned partial stock market listing, its Chief Executive Amin Nasser told an Oil & Money conference on Wednesday.

"An absence of global resolve to take concrete action may embolden the attackers and indeed put the world’s energy security at greater risk", said Aramco CEO Amin Nasser, speaking at the Oil & Money industry conference in London. "It's instigated by Iran for sure, there's no doubt", he added. Yemen-based Houthi rebels claimed responsibility for blowing up the oil installations.

An IPO prospectus in Arabic could be released to investors on October 25 and an English one for the wider market on October 27, sources have told Reuters.

A spokesperson for Iran's foreign ministry, Seyyed Abbas Mousavi, rejected the accusation that Tehran was behind the attacks, saying that "blind accusations and inappropriate comments in a diplomatic context are incomprehensible and meaningless".