The public listing of Saudi Arabia's state-owned oil titan,Saudi Aramco,is still going to happen,insisted CEO Amin Nasser to CNBC on 23 September 2018.The plan to make an Initial Public Offering of Saudi Aramco shares has been postponed indefinitely while the company pursues a large 70% stake in Saudi Basic Industries,a petrochemicals concern.
According to Mr.Nasser:
From our side,I just want to say-reiterate-that the Government has announced that they are committed to the IPO.
It's a major deal.We are doing the due diligence currently.And you cannot list while you are going through an acquisition of this size.*
Saudi Aramco explains:
To achieve our vision,we continue to make progress on our journey to grow additional value and strengthen our resilience to crude oil market volatility through the strategic integration of our downstream operations and the development of our chemicals business.
The scale of our upstream and downstream operations,and our expertise across the hydrocarbon value chain,position us to identify and capitalise on new opportunities and enter new markets.
The expansion of our downstream activities will increase our global presence,creating greater sustainable competitive advantage.*
Mr.Nasser adds:
The National Transformation Programme,designed to build the institutional capacity needed to achieve the ambitious goals of Saudi Arabia's Vision 2030,reaffirms Saudi Aramco's role as an important driver of the Kingdom's growth and enables the expansion of our commercial ecosystem.
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