Riyadh–Amin Nasser, the president and CEO of Saudi Aramco, has said that the company will begin next year to issue its quarterly results rather than announcing them on a yearly basis ahead of a stock market listing.
Speaking at the King Abdullah Petroleum Studies and Research Center (KAPSARC) Energy Dialogue, Nasser said Saudi Aramco plans “hopefully next year” to begin issuing quarterly results ahead of a stock market listing. This would provide better data for potential investors, he said.
Nasser told a conference that preparations for an initial public offering (IPO) of a stake in the company were “going very well” which could take place in 2018, and would be the biggest in history.
Nasser said Aramco would “for sure” list on Saudi Arabia’s bourse but is also eying abroad including New York, Tokyo and Hong Kong. Nasser stated that the firm is still studying listing a number of its shares in New York despite the JASTA bill.
He added: “Pragmatism demands that sufficient investments continue to be made in oil and gas during the long transition. And at the same time strong emphasis needs to be placed on minimizing the carbon footprint. The Kingdom is fully committed to the goal of clean energy, and climate change is a top priority.”
The CEO informed the audience that the gap between supply and demand is closing, as Aramco’s analysis sees the market “balanced by the first half of 2017.”
Nasser told reporters on the sidelines of the conference, that Aramco has acquired U.S. Company Novomer which turns carbon dioxide into chemicals. When asked by reporters to give details on the size of the investment, Nasser said an announcement will be made soon.
“It is a company that will convert carbon dioxide to valuable chemical products. It is very important, especially when we talk these days about climate change. This investment is spot on,” explained Nasser.
The two-day Energy Dialogue is organized by KAPSARC to act as a catalyst where solutions and common vision on the many energy challenges the global community face are addressed.
Over 300 researchers, energy specialists and policymakers from around the world attended the first day of the dialogue. The dialogue consists of three key speakers and 16 specialized sessions to address the latest challenges in energy transitions and economic transformation.