Some sources today quoted it as being canceled or indefinitely postponed Aramco Sale Coming Later, Say Saudis—Energy Journal By Neanda Salvaterra Aug 23, 2018 8:03 am ET 0 COMMENTS A daily digest of The Wall Street Journal’s coverage of energy companies, commodity markets and the forces that shape them. Send us tips, suggestions and complaints: EnergyJournal@wsj.com SAUDI ARABIA DENIES ARAMCO IPO IS CANCELED Saudi Arabia’s planned initial public offering for its state-firm Saudi Arabian Oil Co. had been rumored to be canceled but on Thursday the kingdom dismissed concerns that plan has been called off, The Wall Street Journal reports. Energy minister Khalid al-Falih in a statement said the government would list the firm, better known as Aramco, when market conditions are favorable and once the oil giant had completed the multibillion-dollar acquisition of a state-owned chemicals firm. “The government remains committed to the IPO of Saudi Aramco at a time of its own choosing when conditions are optimum,” said Mr. Falih, who is also chairman of Aramco. The IPO of the world’s biggest oil company was meant to be the cornerstone of the Saudi Arabia’s plan to be less reliant on oil. The move was coveted by bankers who expected to raise $100 billion from the float. But the plan hit a roadblock as Saudi officials raised concerns about the heightened public scrutiny that being public would bring the firm. Now the timetable for the float initially planned for some time this year or 2019 has been pushed back. Still, investors should watch out for an Aramco stake sale to China in the future writes the WSJ’s Nathaniel Taplin for Heard on the Street. The reason: Saudi Arabia is struggling to defend its share of the world’s two biggest oil markets. Locking down strategic investments from Chinese oil heavyweights, in particular, still makes plenty of sense.
There is a guy Dan Pena, who calls himself 'the 50 billion dollar man', an old big time oil tycoon that now lives in a castle and teaches "snowflakes" to be real (successful) men. According to a snippet in one of his videos he says Saudi Aramco, once public, must reveal the massive unthinkable amounts of oil available to them at their fingertips. This statement, if true could possibly crash the oil market. I may pony up the $20,000 to go hang out with Mr. Pena for a week in his Scotland castle before his time is up.
Saudi Aramco Reuters reports that Saudi King Salman was the one to nix the planned IPO of Saudi Aramco, with the primary concern being the full public disclosure of Aramco's financial details. His decision was apparently final. The kingdom has previously disputed Reuters' claims that the IPO is dead, insisting that it is merely resting until the right moment, and it continues to do so. Reuters