The state-owned oil group will meet local Saudi banks to discuss the initial public offering (IPO) plans, but bankers at worldwide lenders working on the IPO told Reuters there had been no communication from Aramco's management on any delay.
He spoke a day after Energy Minister Prince Abdulaziz bin Salman said the kingdom will restore lost oil output by the end of September and has managed to restore supplies to customers to the levels they were at prior to the attacks.
The U.K. and the USA administrations have agreed on a "unified response" to last Saturday's attacks on the Aramco oil facilities in Saudi Arabia, a British government statement said Wednesday.
The attacks make it unlikely that the listing on the Saudi stock exchange will happen in the coming months, sources told the news agency. The primary bourse will be the local Tadawul, and the kingdom is still considering its options for a secondary market overseas, he said.
"There's a 70% plus chance of delay of the Aramco IPO if they want a higher valuation", said Mohammed Ali Yasin, the chief strategy officer at Al Dhabi Capital in Abu Dhabi.
The company's officials are becoming less optimistic about a rapid recovery in oil production, the report added. Important volumes also can advance attend within days, folk familiar with the matter stated over the weekend, in conjunction with that it will also aloof put off weeks to revive beefy capability.
Dozens of bankers from Citigroup to JPMorgan Bound descended on the center of Dubai's monetary district on Thursday for the kickoff assembly at the opulent Ritz Carlton hotel. Representatives from Saudi Arabia's sovereign wealth fund and finance ministry maintain been furthermore noticed at the 5-megastar property.
The on-again-off-again plans for an Aramco list had been place on sustain as the firm centered on a $US69 billion deal for a majority stake in petrochemical maker Saudi Fundamental Industries Corp.
Boutique investment banks Moelis & Co and Evercore were also hired by Aramco as independent advisers, sources had said at that time. When the preparations were revived this year, numerous banks that won roles initially had to start over, leading some to wonder whether it was worth the effort. Off-topic, inappropriate or insulting comments will be removed.