Aramco’s IPO to attract investors from all over the world: Chairman

Saudi Aramco’s initial public offering (IPO) is expected to attract investors from all over the world, Yasir Al-Rumayyan, Chairman of Aramco and Governor of Public Investment Fund (PIF), told Al-Arabiya TV.

Sovereign funds, institutional investors, Saudi nationals and all other categories of investors are likely to participate in the offering.

State-run Aramco is one of the top producers in the oil sector. The world’s major oil producer posted a net profit of $68 billion with $59 billion cash flows for the first nine months of 2019.

On the size of PIF’s assets following the IPO, Al-Rumayyan said PIF’s assets currently exceed $300 billion.

“We target to increase its portfolio of assets to $2 trillion by 2030,” he noted.

Elsewhere, Saudi Aramco CEO Amin Nasser said the company aims to maintain its maximum production capacity estimated at 12 million barrels of oil per day, and seeks to expand gas production locally and overseas.

“Aramco is targeting to raise its refineries’ capacity to 10 million barrels per day,” Nasser added.

In addition, the acquisition of a 70 percent stake in Saudi Arabia Basic Industries Corp (SABIC) will strengthen Aramco’s position in the chemicals sector. The top oil exporter aims to reach integration and unlock the value of hydrocarbons across chemicals.

Saudi Aramco yesterday confirmed plans to proceed with its IPO on Tadawul, Argaam reported.

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