MoneyNewsWorld

Saudi Arabia is considering postponing the public offering of Aramco after an attack on its facilities

UNITED STATES, WASHINGTON (OBSERVATORY) — Saudi authorities are studying the possibility of postponing the offering of a section of the oil giant Aramco to the public after an attack on Saturday on two of its oil facilities, and caused the suspension of pumping more than half of its production , informed sources said Monday.

“They are assessing the damage. It is a possibility but it is still too early,” said one source, who asked not to be named.

Another source said no decision had been taken, confirming Wall Street Journal information.

Aramco had planned to make its first public offering in November on the local stock market before its international listing in 2020, sources told AFP last week.

The listing of Aramco is the largest of its kind in history, with a value of more than $ 1,000 billion.

Disputes over this last point were reflected in the IPO listing schedule, but things appeared to have accelerated in recent weeks as Aramco chose JPMorgan Chase to oversee the process, according to sources close to the file.

Other banks including Goldman Sachs and Bank of America are also working on the process.

This process is part of the Kingdom’s projects to diversify its economy and reduce dependence on oil.

The Houthis in Yemen, backed by Iran and facing a five-year military alliance led by Riyadh, have adopted drone attacks on Aramco facilities on Saturday.

“The attack cut about half of Saudi production, which represents about 5 percent of global production,” said Craig Erlam.

Saudi authorities said there were no casualties. But there is still uncertainty about the ability of the world’s largest crude exporter to restore normal Aramco activity.

Online:

This article is written and prepared by our foreign editors writing for OBSERVATORY NEWS from different countries around the world – material edited and published by OBSERVATORY staff in our newsroom.

Our Standards, Terms of Use: Standard Terms And Conditions.

OBSERVATORY NEWS — Breaking news source, real-time coverage of the world’s events, life, politics, business, finance, economy, markets, war and conflict zones.

Contact us: [email protected]

Stay connected with News Observatory and Observatory Newsroom, also with our online services and never lost the breaking news stories happening around the world.

Support The OBSERVATORY from as little as $1 – it only takes a minute. Thank you.

We are NEWS OBSERVATORY — the only funding and support we get from people – we are categorically not funded by any political party, any government somewhere or from any grouping that supports certain interests – the only support that makes OBSERVATORY possible came from you.