Saudi Aramco — more mirage than IPO - FT.com:
"The Saudis have not entirely got the hang of this initial public offering caper. If a US or UK private equity group owned Saudi Aramco, it would be cutting capital expenditure to flatter profits ahead of the float. Instead, chief executive Amin Nasser says the state oil company stands ready to jack up production. This would drive down prices and with them earnings.
Mohammed bin Salman, deputy crown prince, is also keen to pump more black stuff in the transcendent cause of stuffing people the Saudis don’t like. These include the Iranians and JR Ewing’s spiritual heirs in the US shale oil industry. At the same time, the prince hopes Aramco could be valued at more than $2tn when it floats a 5 per cent stake."
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