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Thursday, 2 February 2017

Saudi Oil Minister Says World to Be ‘Amazed’ by Aramco IPO - Bloomberg

Saudi Oil Minister Says World to Be ‘Amazed’ by Aramco IPO - Bloomberg:

"An audit of state oil producer Saudi Aramco’s crude reserves is showing “very reassuring” results ahead of what could be the world’s biggest share sale when the company sells a stake to investors next year, the kingdom’s energy minister said. The independent audit will be completed in the near future, and its results will be part of the prospectus for the initial public offering by Saudi Arabian Oil Co., known as Saudi Aramco, Energy Minister Khalid Al-Falih told reporters Thursday in Riyadh. Aramco will disclose its 2017 annual statements prior to the listing scheduled for next year, and the company is likely to sell shares on three stock exchanges, he said at a seminar earlier in the day. “So far, the correlation between what they have determined and what Aramco has booked on its own books and announced in the past is very reassuring,” Al-Falih said of the audit. The results so far are “in the positive side” and higher than the company’s own reserves estimate, Al-Falih said, declining to identify the auditors."

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