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Aramco sticks to its IPO plan despite oil facilities damage

Saudi Aramco is determined to continue its plans regarding IPO listing, with a pre-IPO meeting, scheduled this week, as it became know from three sources, familiar with issue, despite the fact some analysts and even investors doubt it can manage to meet the timeline after recent military events.

According to primary assessment of the Saudi facilities damage one said than weeks will be needed to recover, later was a Reuter’s report, that it would take several months for top oil company to restore its output, which diminished after Saturday’s attacks by 5.7 million bpd or 5 percent of the overall world crude supply.

The latest report in connection to real impact of the attacks on state-owned oil group due to hold later this day, namely at 17.15 GMT.

Meanwhile the oil group does not delay its plans regarding primary public offering, meeting thus as it was planned before the attacks with local bankers to discuss the details.

Saudi Aramco refrains from comments to a Reuters request about planne local IPO, which is likely to happen already in November. Reuters agency posted early that Saudi Aramco planned to purchase 1 percent in 2019 and another 1 percent next year.

Saudi Arabia, the world’s biggest oil crude exporter, recently named a new chairman for Saudi Aramco and assigned 9 banks for top roles in its IPO. JPMorgan, Morgan Stanley and Goldman Sachs have been designated ed to coordinate the deal.

Saudi government and Aramco’s dollar-denominated notes touched multi-week lows on day after airstrikes, but bounced back on Tuesday.

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