Saudi Aramco considering multibillion-dollar share sale: News reports



Saudi Aramco, the world’s largest oil exporter, is aiming to revive a follow-up share sale offering, days after announcing plans to halt the further expansion of its oil production capacity.

The kingdom is working with a group of advisors and is seeking to potentially raise at least 40 billion Saudi riyals ($10 billion) from the share sale on the Saudi stock exchange, Bloomberg reported on Wednesday, quoting anonymous sources.

Saudi Aramco did not immediately respond to an Upstream query on the company’s share sale plans.

The report claimed that there is no final decision yet on the timing of the share sale and the deal could still be delayed.

The Saudi state heavyweight in 2019 raised $30 billion from the sale of the company’s shares on the local Tadawul stock exchange.

Aramco has a market valuation of more than $2 trillion and the Saudi government directly owns about 90% of the company, with an additional 8% held by the kingdom’s Public Investment Fund.

The Saudi state player on Tuesday said that it would not be further expanding its maximum sustainable capacity (MSC) beyond 12 million barrels per day of oil, as against its previous plan to ramp up the MSC to 13 million bpd, following a fresh directive from the Saudi government.