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Page added on August 22, 2018
Saudi Arabia Calls Off Aramco IPO, Disbands Advisors
Two years ago, when the Aramco IPO was first floated, bankers on Wall Street declared a week-long fee orgy: after all, the $1+ trillion IPO – the biggest in history – was going to result in an underwriting fee bonanza. However, it was not meant to be, and last October the first reports emerged that the IPO would likely not happen over Saudi concerns over financial transparency, venue of the listing, and how much information investors would demand from Saudi Arabia about its oil deposits.
Then, two months after the FT reported that the Aramco IPO “almost certainly wouldn’t happen,” moments ago Reuters’ sources confirmed that Saudi Arabia has called off both the domestic and international stock listing of state oil giant Aramco.
The financial advisors working on the proposed listing have also been disbanded, as Saudi Arabia shifts its attention to a proposed acquisition of a “strategic stake” in local petrochemicals maker Saudi Basic Industries as we reported one month ago.
“The decision to call off the IPO was taken some time ago, but no-one can disclose this, so statements are gradually going that way – first delay then calling off,” a Saudi source familiar with IPO plans.
WTI Crude reacted modestly lower on the news.
8 Comments on "Saudi Arabia Calls Off Aramco IPO, Disbands Advisors"
JuanP on Wed, 22nd Aug 2018 1:04 pm
I NEVER saw this coming! LOL! Actually, I’ve been saying since the moment this IPO was announced that it would never happen. For this to happen Saudi Arabia would have to open all of Aramco’s data and operations to independent, verifiable, third party inspections, evaluations, and assessments, which would reveal the truth about their reserves. I never thought there was any chance of that ever happening because the Saudis have been lying abouth their reserves for decades and don’t want the truth to come out.
Sissyfuss on Wed, 22nd Aug 2018 1:41 pm
If not for oil the Sauds would be back to selling used camels.
Anonymouse1 on Wed, 22nd Aug 2018 2:19 pm
If not for saudi oil, amerika would be back to selling used horses.
print baby print on Wed, 22nd Aug 2018 3:36 pm
They both will soon sell camels and horses
joe on Wed, 22nd Aug 2018 4:05 pm
Only a crazy person would invest money into those thugs who litterally shook down their own relatives (many of whom funded 9-11 attacks). Saudis, are evil beyond words, cruxify human beings and kill those who are not sunni muslim.
MASTERMIND on Wed, 22nd Aug 2018 5:24 pm
Soon MBS will be the king of the worlds largest kitty litter box..
Saudi Arabia ‘may run out of oil to export by 2030’
https://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/9523903/Saudis-may-run-out-of-oil-to-export-by-2030.html
The collapse of Saudi Arabia is inevitable
http://www.middleeasteye.net/columns/collapse-saudi-arabia-inevitable-1895380679
MASTERMIND on Wed, 22nd Aug 2018 5:25 pm
They don’t have 260 GB oil oil left..Not even close..
Saudi Arabian oil reserves are overstated by 40% – Wikileaks
https://www.theguardian.com/business/2011/feb/08/saudi-oil-reserves-overstated-wikileaks
deadly on Wed, 22nd Aug 2018 10:09 pm
The Saudis knew they were making a shit sandwich for themselves, of which they would have taken one huge bite.
They’re not quite that dumb.
Trump wakes up each day and takes a bite of the shit sandwich prepared for him for breakfast, lunch and dinner, ready to eat. The only item on the menu. The shit sandwich is what’s for dinner. It is a magnificent shit sandwich, very very good. Never mind.
Controlling interest of Aramco would have quickly swung to the shareholders, the reins of power would have been absconded. The Saudi oil would be in control of those savvy enough to sell it all on the commodities exchange ten thousand barrels at a time. Aramco shareholders would also be oil traders, all of your oil to us belong.
In other words, a swindle market style.
Bernie Madoff would make billions.
San Francisco has shit patrol officers these days. There is plenty of shit in San Francisco to supply the shit sandwich food truck.
If you want good shit for your next shit sandwich, San Francisco has it, street food like no other.
Life is just a shit sandwich and every day you take another bite.
beer drinking is the only way to fight the madness. lol