Arab Today, arab today oil giant saudi aramco confirms studying share offer
Last Updated : GMT 21:25:08
Arab Today, arab today
Arab Today, arab today

Oil giant Saudi Aramco confirms studying share offer

Arab Today, arab today

Arab Today, arab today Oil giant Saudi Aramco confirms studying share offer

Oil giant Saudi Aramco confirms it is considering a share offer
Riyadh - AFP

 State-owned Saudi Aramco, the world's largest crude oil producer and exporter, said Friday it is considering a public share offer.

The company "has been studying various options to allow broad public participation in its equity", a statement said.

This would be through the listing on capital markets "of an appropriate percentage of the company's shares and/or the listing of a bundle (of) its downstream subsidiaries," it said.

"This proposal is consistent with the broad and progressive direction pursued by the kingdom for reforms, including privatisation in various sectors of the Saudi economy and deregulation of markets, which the company strongly supports," it added.

The statement comes a day after The Economist published an interview with Saudi Deputy Crown Prince Mohammed bin Salman who said a share offer was under review.

Saudi Aramco said that, after studying the options, the findings will be presented to the board of directors, which will make recommendations to the company's Supreme Council.
The council is chaired by Prince Mohammed and has overseen Saudi Aramco since it was separated from the oil ministry last year.

The kingdom is confronted by unusual economic challenges caused by plunging global oil prices.

Last week, it reported a record deficit of $98 billion (90 billion euros) for 2015.

And it projected a shortfall of $87 billion this year, with crude prices currently around $34 a barrel, down from more than $100 early in 2014.

In an unprecedented departure from its decades-old generous welfare system, Riyadh's budget last week announced rises in fuel, electricity, water and other prices.

 

arabstoday
arabstoday
2

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today oil giant saudi aramco confirms studying share offer Arab Today, arab today oil giant saudi aramco confirms studying share offer

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today oil giant saudi aramco confirms studying share offer Arab Today, arab today oil giant saudi aramco confirms studying share offer

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday