RIYADH: The head of Saudi oil giant Aramco has said a much-anticipated IPO is on track for 2018, but declined to give a fixed date — or venue.
“We should be ready for listing in the second half of 2018,” CEO Amin Nasser told Bloomberg Television on Monday, conceding that the oil giant was looking at a “complex process.”
“There’s a lot of work that is still ongoing, the IPO is ongoing,” Nasser said.
“The venue and the timing is the government... Don’t forget this is a very complex process. Aramco’s size and complexities is something that requires time.”
Saudi authorities plan to list five percent of Aramco on an as-yet unspecified stock market.
Placing Aramco on a foreign stock exchange could potentially be the largest stock sale recorded, with New York, London and Hong Kong among the potential sites.
Nasser, however, said there was “a lot of demand for the listing.”
Saudi Arabia’s energy minister has raised concerns that litigation would complicate a listing in New York, although President Donald Trump has publicly lobbied for a US Aramco listing.
The Aramco IPO plan is a pillar of the petro-state’s “Vision 2030” reform program, which aims to wean the economy off its reliance on oil revenues.
Saudi Arabia’s Aramco chief says IPO on track for 2018
Saudi Arabia’s Aramco chief says IPO on track for 2018
Aramco awards Italy’s Saipem a new $500m offshore contract
RIYADH: Italian oilfield services company Saipem has been awarded a $500 million offshore contract in Saudi Arabia under its existing long-term agreement with oil firm Aramco.
The contract covers the full engineering, procurement, construction, and installation of a 48-inch trunkline, extending around 65 km offshore and 12 km onshore. The work also includes related subsea facilities at the Safaniya Oil Field, which is among the largest offshore oil fields in the world, according to a statement.
This latest award further cements Saipem’s long-standing presence in the Kingdom and deepens its partnership with Aramco, as well supporting Saudi Arabia’s goal of increasing localization in the oil and gas sector from 40 percent to 75 percent by 2030.
The newly released statement said: “Offshore operations will be carried out by Saipem’s construction vessels currently deployed in the region, while fabrication activities will be executed at Saipem’s Saudi fabrication yard, Saipem Taqa Al-Rushaid Fabricators Co. Ltd., in Dammam, further helping to strengthen the company’s industrial footprint in the Kingdom.”
It added: “Project execution is expected to leverage Saipem’s proven experience in delivering strategic pipelines and offshore infrastructure in the region, combined with its advanced engineering capabilities.”
The statement further indicated that under the new contract, activities will be carried out in line with the highest safety, quality, and environmental standards that define Saipem’s operations, ensuring efficiency and reliability at every stage.
By combining strengthened local capabilities with advanced technical expertise, the project is set to support the effective development of key energy infrastructure in the Kingdom.
Saipem, which is listed on the Milan Stock Exchange, operates as a “one company” organized into several business lines, including asset-based services, drilling, energy carriers, offshore wind, and sustainable infrastructures.
The firm owns five fabrication yards, along with a fleet of 17 construction vessels and 12 drilling rigs, and is present in more than 50 countries.
