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Saudi Aramco to sell 0.5% in IPO to retail investors

- Oil reserves of company, estimated at 209 billion barrels, comes in as second largest in world after Venezuela

home > Oil, Invesments, Energy Projects, Middle East-Africa 11.11.2019 14:36 Övunç Kutlu

Saudi Aramco to sell 0.5% in IPO to retail investors

Saudi Arabia's crown jewel Aramco said it will sell 0.5% of its shares to retail investors in the much-awaited initial public offering (IPO) scheduled for December, which is anticipated to make the company the world's most valuable.

The share offering period for retail and individual investors will begin on Nov. 17 and will close on Nov. 28, according to Saudi Aramco's prospectus released Saturday that includes detailed information about the firm's finances and risks around the IPO.

The offering period for institutional investors will start on Nov. 17 and will close by the end of Dec. 4, the prospectus document running over 600 pages showed. However, Aramco did not furnish information on the percentage of its share it will offer to institutional investors.

During the offering period, institutional investors will be allowed to bid between the minimum and maximum price per share in a range that will be announced soon, according to the prospectus.

"The final share price will be set within this range following the end of the retail subscription period," the prospectus detailed.

A contractual period of 12 months will ensue after trading of shares begins on the Saudi stock exchange Tadawul, which forbids Aramco from selling its shares for a year after the IPO begins.

Aramco will also not be allowed to issue any new shares for six months, according to the prospectus.

-Income higher than Apple, Alphabet, Exxon combined

The document provided information on Aramco's remaining oil reserve volumes -- a question that investors have been asking for a long time since the idea of floating Aramco shares in domestic and foreign markets emerged more than three years ago.

Oil reserve estimates conducted by American consulting firm DeGolyer & MacNaughton put the volume at 209.1 billion barrels of oil equivalent.

While this amount surpasses reserve-rich countries like the U.S., Canada, Russia, Iraq and Iran, it only ranks second in the world after Venezuela, according to BP's Statistical Review of World Energy 2019 report.

Aramco said it had a net income of $111.1 billion in 2018, which was higher than the earnings of Apple, Alphabet (Google) and ExxonMobil combined last year.

The prospectus also showed the company had a free cash flow of $85.8 billion and operating cash flow of $121.0 billion in 2018.

-Riyal currency in transactions

However, there are potential economic, political and security risks for investors that could both hurt Aramco's IPO and its shares thereafter.

The local currency, Saudi riyal, will be used in all purchases, sales and transactions for Aramco shares on the domestic exchange Tadawul. This, however, poses a risk for foreign investors who may not be able to get their hands on enough quantities of riyal to buy the number of Aramco shares they want, which would eventually cause lower demand.

Other risks Aramco noted in its prospectus include uncertainties with supply and demand on the global oil market and fluctuations in crude oil prices.

The document also said, "the Company exports a substantial portion of its crude oil and refined products to customers in Asia, and adverse economic or political developments in Asia could impact the Company’s results of operations."

"The Company’s management team has limited experience managing a public company," it added.

The mechanism for the equalization of compensation that Aramco receives from the Saudi government for domestic sales of certain hydrocarbons may also be subject to changes, the prospectus said.

- Climate change, terrorism risks

Aramco said its public finances are highly connected to the hydrocarbon industry, and the topic of climate change, which is fossil-fuel averse, could have an impact on its operations and finances.

"Climate change concerns and impacts could reduce global demand for hydrocarbons and hydrocarbon-based products and could cause the Company to incur costs or invest additional capital," the prospectus said.

Moreover, political, social instability and actual or potential armed conflicts in the Middle East and the North Africa region could have an impact on the firm's operations and financial position, it said while admitting that "the Company’s facilities have been targeted by terrorist and other attacks."

Drone attacks on two of Saudi Aramco facilities on Sept. 14 caused a production cut of 5.7 million barrels per day (bpd), equal to around 6% of global oil output, and raised concerns about the security of the company's infrastructure.

Saudi Arabia spent $68 billion on defense in 2018, ranking third in terms of expenditure after the U.S. and China. However, when taking into account the GDP of countries, the kingdom is rated as having the largest ratio of defense expenditure to GDP.

If foreign investors' demands are not in line with expectations for Aramco's IPO on Dec. 11, it could hurt the further floating of stocks on foreign stock markets as well.

So far, stock exchanges in Tokyo, Hong Kong, London and New York have been considered for floating Aramco shares in the next couple of years; however, there are concerns about two of these markets as well. Due to Brexit, the London Stock Exchange is regarded as an uncertain market and the U.S. Congress' decision in 2016 to allow American victims and their families to sue the government of Saudi Arabia for Sept. 11 attacks complicates the floating of shares on the New York Stock Exchange.

Saudi Crown Price Mohammed Bin Salman wants the IPO to be successful for his Vision 2030 plan, as he aims to use earnings from the shares sale to invest in other sectors to wean off the Saudi economy's overdependence on oil exports and revenues.

Writing by Ovunc Kutlu

Editing by Anne Akti

Anadolu Agency

energy@aa.com.tr



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19.11.2019 Downstream , Stock Market , International Relations , Asia , Americas

S.Arabia: Aramco sets IPO share price of 30-32 riyals

-Saudi oil giant puts preliminary valuation of between $1.6 trillion-$1.71 trillion
19.11.2019 Oil , Finance , Middle East-Africa , General

Iran's supreme leader backs fuel price hikes

-Protests broke out across Iran after government imposed petrol rationing, raised fuel prices
18.11.2019 Oil , Energy Diplomacy , Middle East-Africa , General

Oil rig count in US falls by ten this week

- Number of US oil rigs falls to 674
17.11.2019 Oil , Americas

Global number of electric cars hits 5 mln. in 2018: IEA

- Electric car sales up by 2 million in 2018, according to International Energy Agency
17.11.2019 Electricity , Transportation/Fuel Oil , World

'Ankara will continue to stand by Turkish Cypriots'

- Turkish Vice President Oktay attends official ceremony marking 36th anniversary of Turkish Republic of Northern Cyprus
18.11.2019 Natural Gas , Oil , Energy Diplomacy , Energy Security , International Organization , Energy Projects , General

Global oil production up in October

- OPEC crude oil production reaches 29.9 million barrels per day but forecast for 2020 will see fall in demand
16.11.2019 Oil , Finance , Middle East-Africa , General

Profitable Saudi oil to prompt demand for Aramco IPO

- "You are buying on the basis that it is highly profitable, and there is going to be demand for Saudi oil," expert says
16.11.2019 Refining/Petro Chemistry , Transportation/Fuel Oil , Oil , Energy Diplomacy , Energy Security , International Relations , Energy Projects , General

US crude oil production breaks new record

- Crude output reaches all-time high of 12.8 million barrels a day
16.11.2019 Upstream , Refining/Petro Chemistry , General

Global oil production up in October 2019

- In October, OPEC crude oil output shows increase of 943 thousand barrels per day to average 29.65 million barrels per day
15.11.2019 Oil , Finance , Middle East-Africa , General

Oil gains as US crude inventory draw less than estimate

- On demand side, pressure on crude could occur with rising dollar after Fed Chair's comments on potential end to rate hikes
15.11.2019 Refining/Petro Chemistry , Stock Market , Americas

EIA keeps oil price forecasts unchanged for 2020

- Brent crude estimated to average $60 a barrel next year
15.11.2019 Upstream , Stock Market , International Organization , Americas

Saudis to extract oil until last molecule: Energy Min.

- Saudi Arabia is working on a noble program to create a new way of using oil and gas
14.11.2019 Electricity , Oil , Projects , Energy Security , Energy Projects , Middle East-Africa

Oil down as Trump threatens China with more tariffs

- "... nobody’s cheated better than China," US President Donald Trump says
13.11.2019 Downstream , Stock Market , International Relations , Asia , Americas

Eastern Med: Turkey-led drill shows interoperability

- Dogu Akdeniz-19 provides advanced training opportunities to allied nations, says Pakistan navy captain
13.11.2019 Natural Gas , Oil , Energy Security , International Relations , Turkey

Oil recovers as Saudis to cut production for Aramco IPO

- Higher prices would benefit Saudi Aramco's initial public offering by rising investors' demand for company's shares
13.11.2019 Upstream , Stock Market , International Organization , Middle East-Africa

Iraq views Turkey as alternative for Basra oil exports

- Turkish investors can invest in energy projects to develop oil-rich city of Basra: advisor to Iraqi oil minister
12.11.2019 Oil , Middle East-Africa

Russia’s oil export volume up, revenue down in Jan-Sep

- Russia’s oil export volume increases by 3.3% to 197.6 million tonnes in Jan-Sep compared to same period last year
12.11.2019 Oil , Eurasia

Saudi Aramco to sell 0.5% in IPO to retail investors

- Oil reserves of company, estimated at 209 billion barrels, comes in as second largest in world after Venezuela
12.11.2019 Oil , Invesments , Energy Projects , Middle East-Africa

Oil down as Trump debunks US, China tariff roll back

- Crude prices down more than 1% as Trump says reports of tariff lift are "incorrect"
11.11.2019 Oil , Americas

Iran says injecting gas into 1,044 centrifuges

- Gas injection in Fordow was 4th step of decreasing Iran's commitment to 2015 nuclear deal
11.11.2019 Oil , Middle East-Africa

Iran finds new oilfield of massive size

- Iran says new oilfield has 53 billion barrels of reserves
12.11.2019 Oil , Middle East-Africa

Turkey:‘Declaring rights over Syrian oil is occupation’

-Those who say they will transfer resources of Syrian people to SDG are in favor of terrorism, says ruling AK Party spokesman
11.11.2019 Oil , Turkey , Americas

Oil rig count in US falls by seven this week

- Number of US oil rigs falls to 684
10.11.2019 Oil , Americas

Oil down slightly for week with oversupply, weak demand

- Oil prices fail to gain despite US-China trade optimism
09.11.2019 Upstream , Stock Market , International Relations , Asia , Americas

SOCAR AQS becomes Global Reporting Initiative member

- With Global Reporting Initiative Community membership, SOCAR AQS will apply high standards for transparency and reporting
09.11.2019 Natural Gas , Oil , International Organization , Asia , General

Oil retreats from highs with US, China deal uncertainty

- Technology transfer, intellectual property rights prevail as key topics to be hammered out in US-China trade deal
08.11.2019 Oil , Energy Security , International Relations , World

1 death, 1 injury at Syrian Banias refinery tank blast

- Explosion comes following Trump's remarks to not allow "reconstituted" Daesh to take over oil fields in northern Syria
08.11.2019 Oil , Energy Security , International Relations , Middle East-Africa

'Turkey's regulation aims to stem waste, not recycle'

- Over 26,000 institutions, more than 2 million people across Turkey were educated on zero waste, says expert
09.11.2019 Refining/Petro Chemistry , Turkey , General

US says Syrian oil revenues going to YPG/PKK-led SDF

- Pentagon denies proceeds going to US, maintains 'this is going to the SDF'
08.11.2019 Oil , Energy Diplomacy , Middle East-Africa , General

Turkish firm pledges to stop using single-use plastic

- Plastic waste covers over 3 million square meters in Pacific Ocean, says Koc Holding CEO
08.11.2019 Refining/Petro Chemistry , Turkey , General

Oil rises as US, China to roll back tariffs for deal

- Approval of phase one of interim trade deal dependent on both countries removing reciprocal tariffs
08.11.2019 Downstream , Stock Market , International Relations , Asia , Americas

Oil prices steady as markets await US-China trade deal

- Donald Trump, Xi Jinping meeting to sign phase one trade deal postponed to next month
07.11.2019 Downstream , Stock Market , International Relations , Asia , Americas

Crude oil inventories in US swell for w/e Nov. 1

- Commercial crude inventories rise by 7.9 million barrels
08.11.2019 Oil , Energy Security , Americas

Rosneft income up, revenue slightly down in 3rd qtr.

- Net income rises 58%, revenue falls 2.2% from third quarter of last year
07.11.2019 Natural Gas , Oil , Energy Projects , Asia

Chesapeake net loss shrinks, revenue falls in 3rd qtr.

- Revenue decreases to $2.09 billion in third quarter of 2019, marking a 13.6% decline year-over-year
06.11.2019 Upstream , Upstream , Invesments , Americas

Oil prices down with crude inventory build in US

- US crude oil inventories are forecast to rise by 4.26 million barrels for week ending Oct. 31, according to API figures
06.11.2019 Refining/Petro Chemistry , Stock Market , Americas

Big oil, gas find in UAE boosts ranking to 6th in world

- Reserves include 7 billion barrels of oil, 1.64 trillion cubic meters of gas, lifting UAE up from 7th position globally
06.11.2019 Natural Gas , Oil , Middle East-Africa , General

Oil industry needs $10.6 trillion investment up to 2040

- Upstream sector requires $8.1 trillion, while downstream and midstream need $1.4 trillion and $1 trillion between 2018-2040
06.11.2019 Oil , World

Hungary's MOL agrees to buy stakes in Azeri projects

- Total stake transaction in ACG oil field and BTC pipeline is considered to be in region of $1.57 billion, statement says
05.11.2019 Oil

Oil prices up with US-China trade deal optimism

- World's two largest economies and oil consumers expected to reach some form of a deal by year-end
05.11.2019 Downstream , International Relations , Asia , Americas

Protests impede Iraq's oil-based economy

- Protesters block a number of vital bridges, roads and trading places
05.11.2019 Oil , Energy Security , Middle East-Africa

US building new military bases in Syria's oil-rich area

- US sends additional soldiers, armored vehicles, heavy weapons, ammunitions to region
05.11.2019 Oil , Energy Diplomacy , Americas , Middle East-Africa

Sweden's Lundin reports lower earnings in 3Q19

- Lower oil prices, drop in sales and costlier exploration are reasons behind lower earnings for Swedish company
04.11.2019 Oil , Europe , General

Saudi Aramco prepares for $2T IPO in Tadawul on Dec. 11

- World's most profitable company targets $2 trillion valuation that is set to surpass Microsoft, Apple, Alphabet
05.11.2019 Upstream , Projects , Oil , Middle East-Africa

Oil prices down with oversupply, weak demand

- US oil output at record level, while US-China trade war remains unresolved
05.11.2019 Upstream , Stock Market , International Relations , Asia , Americas

China is ready to work with ASEAN for South China Sea

- The code of the conduct proposed by China paves way for negotiations between China and ASEAN countries
05.11.2019 Oil , Energy Security , International Organization , Asia

Unrest causes 'great economic damage’: Iraqi PM

- Protestors achieve most objectives; many decisions taken to meet demands, Adel Abdul-Mahdi says
04.11.2019 Oil , Energy Security , Middle East-Africa

Bearing down on Turkey is a misunderstanding: US expert

- Economist Jeffrey Sachs stresses crucial need for sustainable development, hails Turkish first lady's zero waste initiative
04.11.2019 Oil , Energy Security , International Relations , Middle East-Africa

Saudi regulator approves Aramco's request to list

-CMA approved Aramco's request for initial public offering
04.11.2019 Oil , Finance , News from companies , Middle East-Africa , General

Chevron's revenue, net income decline in third quarter

- Net income falls 36.3%, revenue decreases 17.9% year-over-year
03.11.2019 Oil , Stock Market , Americas

Oil rig count in US falls by five this week

- Number of US oil rigs falls to 691
03.11.2019 Upstream , Americas

ExxonMobil net income, revenue down in third quarter

- Net income falls by 49.2%, while US upstream earnings decline 94% year-over-year
02.11.2019 Finance , Downstream , Americas , General

Oil prices head for weekly loss with high stock build

- Commercial crude stocks in US rises for sixth time in past seven weeks
02.11.2019 Downstream , General

SOCAR AQS completes well drilling in Bulla-Deniz field

- Bulla-Deniz field is one of the most challenging high pressure fields in the world
02.11.2019 Oil , Eurasia

Oil steady after losses with US, China trade woes

- Oil prices lose more than 1.8% on Friday from previous trading session
01.11.2019 Oil , Stock Market , International Relations , Asia , Americas

Baker Hughes income quadruples in third quarter

- Net income comes in at $57 million in July-September period, up from $13 million
31.10.2019 Oil , Invesments , Americas

Hess revenue falls, net loss widens in third quarter

- Company posts net loss of $205 million in third quarter, while revenue is down 17.5% from same period of last year
31.10.2019 Upstream , Invesments , Americas

Total's third quarter profit falls year-on-year by 24%

- Production increases by 8.4% in 3rd quarter
31.10.2019 Oil , Europe

Turkey's energy import bill falls 11.7% in September 2019

- Country's crude oil imports increases by 30% in September 2019 compared to same month last year
01.11.2019 Oil , Energy Security , Turkey
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