Riyadh- Aramco’s Chief Executive Officer Eng. Amin al-Nasser couldn’t avoid talking about his company’s IPO during the Energy Dialogue Conference, which concluded on Wednesday at King Abdullah Petroleum Studies and Research Center (KAPSARC in Riyadh.
Nasser delivered his speech during the international energy conference and later participated in a panel discussion with Daniel Yergin, vice chairman of IHS Markit, renowned historian and author of the award winning books “The Prize” and “The Quest.”
Saudi Arabian Oil Co. Saudi Aramco will post its first quarterly financial results in 2017, amid preparations for the company’s initial public offering (IPO), he said.
This would provide better data for potential investors, he said. Under a wide ranging plan to diversify its oil-dependent economy, the kingdom plans to float less than five percent of Saudi Aramco on the stock market to help create the world’s biggest state investment fund.
“The preparation is going well for the IPO,” which could take place in 2018, and would be the biggest in history.
“We achieved a lot of progress so far. People have to appreciate the size of Aramco and its complexity.”
He added: “Our spending program is active and evolving. We are one of the few companies that are still investing. We will continue to invest in our core business. Our rigs are increasing, and our overall activities are increasing.”
Nasser said Aramco would “for sure” list on Saudi Arabia’s bourse but is also looking abroad as the company’s shares may be offered in global markets, whether it is Tokyo, Hong Kong, London or New York.
“We need to do a lot of internal work to prepare for this listing,” Nasser said.
“We are listing a part of the entire company, and not just downstream,” he said, referring to operations including refining, marketing and distribution.