SINGAPORE: Hong Kong Exchanges & Clearing (HKEX) Chief Executive Charles Li said a Hong Kong listing by Saudi Aramco would help the oil giant to anchor huge Chinese demand for its planned IPO.
“It’s going to provide compelling benefit because they are able to use the listing to anchor very massive Chinese demand at the IPO,” Li told Reuters in an interview in Singapore, where HKEX opened its first overseas office on Wednesday.
Saudi Aramco’s CEO said in October that exchanges such as New York, London, Tokyo, and Hong Kong have been looked at for a partial listing of the state company’s planned $100 billion (SR375 billion) IPO.
“It will become a great platform for the two major sovereigns to use that as a potential platform for broader level of financial or strategic investment decisions,” Li said, referring to China and Saudi Arabia.
Aramco listing in Hong Kong to anchor huge Chinese demand for IPO
Aramco listing in Hong Kong to anchor huge Chinese demand for IPO
Aramco CEO sees ‘catastrophic consequences’ for oil if shipping doesn’t resume in Strait of Hormuz
DUBAI: Saudi Arabia’s Aramco , the world’s top oil exporter, said on Tuesday that there would be “catastrophic consequences” for the world’s oil markets if the Iran war continues to disrupt shipping in the Strait of Hormuz.
The disruption has not only upended the shipping and insurance sectors but also promises to have drastic domino effects on aviation, agriculture, automotive and other industries, Aramco CEO Amin Nasser told reporters on an earnings call.
Nasser noted global inventories of oil were at a five-year low and said the crisis will lead to drawdowns at a faster rate, adding that it was critical that shipping in the strait resumed.
“There would be catastrophic consequences for the world’s oil markets and the longer the disruption goes on, and the more drastic the consequences for the global economy,” he said.
Nasser also said a small fire from an attack last week on Aramco’s Ras Tanura refinery, its largest domestically, was quickly extinguished and brought under control, adding that the refinery was in the process of being restarted.
Iran’s Revolutionary Guards said on Tuesday they would not allow “one liter of oil” to be shipped from the Middle East if US and Israeli attacks continue, prompting a warning from President Donald Trump that the US would hit Iran much harder if it blocked exports from the vital energy-producing region.
His comments come after Aramco reported a 12 percent drop in annual profit mainly due to lower crude prices. It also announced it would repurchase up to $3 billion worth of shares in its first-ever buyback.
