Aramco converted to joint-stock company
Saudi Arabia Saudi Aramco
The public offering of 5% in Aramco, anticipated in the second half of the year, is forecast to raise some USD 100 million and to be the largest IPO in the world to date.
“As a customary step in the preparation process for a Saudi IPO, Saudi Aramco has converted to a joint stock company,” an unnamed senior Aramco official told Reuters.
“This establishes the framework to allow future investors to hold shares in the company alongside its shareholder, the government.”
The Saudi government will keep key levers of control over Aramco including the right to appoint and dismiss the oil giant’s chairman, the reports added.
Recent Posts
ExxonMobil “optimistic and pushing forward” with Mozambique’s Rovuma LNG
ExxonMobil is "optimistic and pushing forward" with the Rovuma LNG project in Mozambique and eyes an FID by the year's… Read More
SLB OneSubsea, Subsea7 sign long-term deal with Equinor
SLB OneSubsea and Subsea7 have signed a long-term strategic collaboration agreement with Equinor and begun work on two of its… Read More
Presight AI takes 49% stake in ADNOC energy AI player
Presight has acquired a 51% shareholding in AIQ, an energy-focused AI player founded by ADNOC and G42, the companies announced… Read More
Wood wins TotalEnergies North Sea flare recovery work
UK engineering contractor Wood has been awarded a decarbonisation project by TotalEnergies to support flare gas recovery in the North… Read More
Shelf Drilling wins $54-million North Sea contract
Oslo-listed Shelf Drilling has secured a contract for the Shelf Drilling Fortress jack-up rig with an undisclosed North Sea operator… Read More