This Is Where Saudi Arabia Gets Its Oil - Bloomberg:
Saudi Arabia is home to the world’s biggest crude exporter, pumps from the largest oil field on the planet, and holds the keys to one of the most abundant reserves of black gold globally. Now Saudi Aramco is kicking off what could be the world's largest share sale.
The Saudi government-owned company officially started the process for its initial public offering with shares to be listed on the stock exchange in Riyadh as soon as early December, Chairman Yasir Al-Rumayyan said. Crown Prince Mohammed Bin Salman first floated the plan for the IPO in 2016 saying the company was worth some $2 trillion.
With most analysts saying a $1.5 trillion valuation would be more realistic, the sale process requires Aramco to open the books on the workings of a part of the economy that's long been near to a state secret. The kingdom-owned Aramco extracts crude, natural gas and other oil liquids from the mountainous sand dunes of the Empty Quarter to the waters of the Gulf.
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