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Aramco

Saudi sovereign fund secures $11bn loan

RIYADH: Saudi Arabia's sovereign wealth fund said Monday it had secured its first ever international loan, boosting the kingdom's diversification drive after its flotation of state oil giant Aramco stalled. The Public Investment Fund said in a statement that it had obtained an $11 billion (9.4 billion euro) loan as "the first step in its strategic, medium-term debt funding programme". "We are pleased to have completed this international syndicated loan", the fund's managing director Yasir al-Rumayyan said. The PIF…

Saudi wealth fund bets big to remake oil-based economy

RIYADH: With the stock market listing of its national oil company stalled, Saudi Arabia is scrambling to boost the coffers of the sovereign wealth fund spearheading a risky plan to diversify its economy. The Public Investment Fund had sought to raise billions of dollars through the initial public offering of Saudi Aramco -- dubbed as potentially the world's biggest stock sale -- to finance the kingdom's transformation from a petro-state to a tech-focused economy. But with the flotation indefinitely postponed, the PIF…

The Saudi king spoke, and a $2 trillion dream went up in smoke

LONDON: The king spoke, and a $2 trillion (£1.55 trillion) dream went up in smoke. For the past two years, Saudi Arabia has prepared to place up to 5 percent of its national oil company on the stock market. Officials talked up the Saudi Aramco initial public offering (IPO) with international exchanges, global banks and U.S. President Donald Trump. The planned listing was to be the cornerstone of the kingdom’s promised economic overhaul and, at a targeted $100 billion, the biggest IPO ever. It was the brainchild of…

Saudi Aramco eyes partnerships as it expands refining, petrochems

DHAHRAN: Saudi Aramco plans to boost investments in refining and petrochemicals to secure new markets for its crude, and sees growth in chemicals as central to its downstream strategy to lessen the risk of a slowdown in oil demand. Aramco, the world’s biggest oil producer, is expanding its footprint globally by signing downstream deals and boosting the capacity of its plants, ahead of an initial public offering next year - the largest IPO in history. The state oil giant is moving ahead with multi-billion-dollar…

Saudi bourse adjusts rules to attract foreign funds, ease Aramco IPO

DUBAI: Saudi Arabia’s stock exchange is adjusting its rules to make it easier for foreign investors to trade - steps that may help the bourse absorb a huge IPO by oil giant Saudi Aramco this year, the exchange’s chief executive said on Wednesday. These changes are required by the growth of the market and what international institutions tell us,” Khalid al-Hussan said in a telephone interview from Riyadh. Trading limits will be made more flexible for the exchange’s independent custody system, Hussan said. The system…

Saudi Arabia converts Aramco into joint-stock company ahead of historic IPO

DUBAI: Saudi Arabia has changed the status of its national oil giant Aramco to a joint-stock company as of Jan. 1, in a key step for an initial public offering (IPO) planned for later this year. The sale of up to 5 percent of Saudi Aramco, expected to go ahead in the second half of 2018, is a centerpiece of Vision 2030, an ambitious reform plan to reduce the dependence of the Saudi economy on oil. The plan is championed by Saudi crown Prince Mohammad bin Salman. The change, which was published in a cabinet decree in…

Trump urges Saudis to list Aramco on NY stock exchange

WASHINGTON: US President Donald Trump on Saturday urged Saudi Arabia to choose Wall Street as a venue for the initial public offerings of shares of oil giant Aramco in 2018. "Would very much appreciate Saudi Arabia doing their IPO of Aramco with the New York Stock Exchange. Important to the United States!" Trump tweeted from Hawaii, ahead of a trip to Asia. The Aramco IPO is expected to be the largest in history, raising around $100 billion in much-needed revenue for the kingdom. Aramco, which controls Saudi…