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Sunday, 25 December 2016

Tough road ahead for Saudi Aramco IPO plans | The National

Tough road ahead for Saudi Aramco IPO plans | The National:
"Saudi Aramco’s planned initial public offering has a tough road ahead of it amid a shifting political landscape in the United States. The uncertainties over how policies pursued by Donald Trump, when he becomes president, might affect Saudi’s oil interests, including the sale of a 5 per cent stake in its state oil company, were underlined by Saudi Arabia’s hectic efforts to lobby for changes to a law that could leave the government and its entities open to civil lawsuits. At the same time, a top Trump oil adviser urged the administration to block Saudi ownership of refining assets, arguing that it runs counter to the national interest.

"The potentially biggest IPO in history [of Aramco] is likely to be fraught with challenges and insiders continue to highlight that sorting these out could take a few years," Amrita Sen, the chief oil analyst at Energy Aspects, a consultancy, has said.

Adel Al Jubeir, Saudi Arabia’s foreign minister, has been lobbying intensely in the US this past month for lawmakers to amend the Justice Against Sponsors of Terrorism Act (Jasta), which in September overrode a presidential veto and gave US citizens the right to bring civil lawsuits against Saudi Arabia on behalf of victims of the September 11, 2001 terrorist attacks."

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