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Saudi Arabia to offer .5% for public shares in Aramco

Saudi Arabia to offer .5% for public shares in Aramco

World
Nov. 9 (UPI) -- Saudi Arabia plans to sell up to one-half of 1 percent of its oil company, Aramco, to individual investors, according to a prospectus released Saturday. In what is expected to be the world's largest initial public offering, the kingdom announced last Sunday it will sell the shares on the Saudi Stock Exchange, known as as Tadawul, in December. The value of the company is valued between $ 2 trillion and $ 2.3 trillion, CNBC reported, compared with U.S. oil companies' Exxon Mobil with a market cap of nearly $ 300 billion and Chevron at $ 229 billion. If 0.5 percent is offered, that equates to $ 20 billion to $ 23 billion received in the Public Investment Fund. Saudi Arabia owns about 18 percent of the world's proven petroleum reserves: 260 billion barrels "The price at whic...
Saudi Aramco IPO: World’s most profitable company to go public

Saudi Aramco IPO: World’s most profitable company to go public

Business
Saudi Aramco has confirmed it is planning to list on the Riyadh stock exchange, in what could be the world's biggest initial public offering (IPO).The state-owned oil giant will determine the IPO launch price after registering interest from investors.Business sources say the Saudis are expected to make shares available for 1% or 2% of the firm, and the offer will be for existing company shares.Saudi Aramco is thought to be worth about $ 1.2tn (£927bn).'Historic 'The firm said it has no current plans for a foreign share listing, saying long-discussed plans for a two-stage IPO including an offering on a foreign exchange had been put aside for now."For the (international) listing part, we will let you know in due course. So far it's only on Tadawul," Aramco
Saudi woos back heavyweights despite Khashoggi murder

Saudi woos back heavyweights despite Khashoggi murder

Business
Saudi Arabia has attracted high-profile business and political figures to its "Davos in the Desert" event, including some who stayed away last year over the killing of journalist Jamal Khashoggi.The event, under way in Riyadh, features US Treasury Secretary Steven Mnuchin, who pulled out last time.Others who have changed their minds since then include the bosses of Credit Suisse, Blackstone and BlackRock.HSBC's John Flint dropped out in 2018, but interim boss Noel Quinn is there.The event, officially known as the Future Investment Initiative, is being held for the third time and is viewed as the kingdom's key annual investment event. It is organised by Saudi Arabia's Public Investment Fund and despite its nickname, has no connection with the World Economi...
US launched secret cyber strike against Iran after Saudi oil attacks

US launched secret cyber strike against Iran after Saudi oil attacks

Technology
The US launched a secret cyber attack against Iran following the September attacks on Saudi Arabia's oil facilities.Two US officials have told the Reuters news agency that the operation took place in late September and was aimed at stopping Tehran from spreading "propaganda." One of the officials said the strike affected physical hardware, but did not provide further details.The operation also follows the downing of an American drone in June and an alleged attack by Iran's Revolutionary Guards on oil tankers in the Gulf in May.Saudi Arabia, Britain, France, the United States and Germany have blamed the September attack on Iran. Advertisement Tehran has denied any involvement, although the Iran-aligned Houth...
Reports: Iranian oil tanker attacked off Saudi Arabia

Reports: Iranian oil tanker attacked off Saudi Arabia

World
Oct. 11 (UPI) -- An Iranian oil tanker was struck by assumed rockets off the coast of Saudi Arabia in the Red Sea on Friday, Iranian officials said, becoming the latest maritime incident in the area as tensions between Tehran and Washington skyrocket. The National Iranian Tanker Company said its oil tanker, Sabity, was hit by rockets some 60 miles from the Saudi Arabian port city of Jeddah as it was passing through along the Red Sea, the state-run IRNA reported. All crew onboard are reportedly safe and the ship is in stable condition only sustaining surface damage, the report said. According to officials, there were two explosions on the vessel, causing damage to its main tanks, resulting in oil spewing into the ocean, Iran's semi-official Press TV reported. The NITC said the explosions...