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Monday, 19 December 2016

Aramco IPO Could Still Be in U.S. as Kingdom Plays Down Rift - Bloomberg

Aramco IPO Could Still Be in U.S. as Kingdom Plays Down Rift - Bloomberg:
"Saudi Arabia could still decide to sell shares of oil giant Aramco in New York, Foreign Minister Adel al-Jubeir said, even after the U.S. passed a law that allows victims of the Sept. 11 attacks to sue the kingdom.

The kingdom is looking at markets from Hong Kong to New York as possible international venues of what could be one of the biggest share sales in history, al-Jubeir told a news conference with U.S. Secretary of State John Kerry in Riyadh on Sunday. The decision is still a “work in progress,” he said.

Saudi authorities plan to sell less than 5 percent in Saudi Arabian Oil Co. by 2018 as part of a plan by Deputy Crown Prince Mohammed bin Salman to set up the world’s biggest sovereign wealth fund and help reduce the economy’s reliance on hydrocarbons.

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