Saudi Aramco set a price range for its blockbuster listing that implies the oil ...
- Saudi Aramco set a price range for its blockbuster listing that implies the oil giant is worth between $1.6 trillion and $1.7 trillion, below the $2 trillion Saudi Crown Prince Mohammed bin Salman previously targeted.
By 1980, the Saudi government had bought out all the original shareholders and owned 100% of the company. Eight years later, the Saudi Arabian Oil Company was officially established. Crown Prince Mohammed bin Salman wants to diversify the Saudi economy away from oil. Announcing plans for an Aramco IPO in 2016, he said the kingdom must end its “oil addiction” to ensure it was no longer at the mercy of commodity price volatility.Aramco had 260.2 billion barrels of oil equivalent in 2017, larger than the combined reserves of Exxon Mobil Corp, Chevron Corp, Royal Dutch Shell Plc, BP Plc and Total SA. The reserves have an estimated life of 54 years.The company produced 10.
Aramco is also expanding its oil refining and downstream capacity, particularly in rapidly growing countries such as China and India. Aramco had a net refining capacity of 3.1 million barrels per day in 2018.The state-owned firm is the world’s largest oil producer, pumping 10% of the world’s supply, and the most profitable company with its half-year net profit rising 12% to $46.9 billion.
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