Saudi Aramco set a price range for its blockbuster listing that implies the oil giant is worth between $1.6 trillion (£1.3 trillion) and $1.7 trillion, below the $2 trillion Saudi Crown Prince Mohammed bin Salman previously targeted.
Below are key facts about Aramco:
HISTORY
Explorers from the Rockefeller family’s Standard Oil Company struck oil in Saudi Arabia in 1938. The venture became known as the Arabia American Oil Company and crude oil production hit 500,000 barrels per day in 1949.
By 1980, the Saudi government had bought out all the original shareholders and owned 100% of the company. Eight years later, the Saudi Arabian Oil Company (Saudi Aramco) was officially established.
Aramco has fuelled decades of prosperity in Saudi Arabia. The kingdom is the de facto leader of the Organization of Petroleum Exporting Countries, or OPEC, helping engineer price moves on world oil markets.
Crown Prince Mohammed bin Salman wants to diversify the Saudi economy away from oil. Announcing plans for an Aramco IPO in 2016, he said the kingdom must end its “oil addiction” to ensure it was no longer at the mercy of commodity price volatility.
OIL RESERVES
Aramco had 260.2 billion barrels of oil equivalent in 2017, larger than the combined reserves of Exxon Mobil Corp, Chevron Corp, Royal Dutch Shell, BP Plc and Total SA. The reserves have an estimated life of 54 years.
OIL PRODUCTION
The company produced 10.3 million barrels per day (bpd) of crude last year, touting the lowest production cost in the world, at $2.80 a barrel, according to company documents. It also produced 1.1 million barrels of natural gas liquids and 8.9 billion standard cubic feet per day of natural gas.
OIL EXPORTS
Almost three-quarters of Aramco’s crude exports, about 5.2 million bpd, were delivered to customers in Asia last year, where it believes demand will grow faster than elsewhere in the world. Its Asian buyers include China, India, South Korea, Japan and Taiwan. Its crude deliveries to North America reached more than 1 million bpd last year; to Europe, 864,000 bpd.
OIL REFINING
To diversify its oil business, Aramco is expanding in refining and petrochemicals with the aim of almost tripling its chemicals production to 34 million tonnes per year by 2030 and raising its global refining capacity to 8-10 million bpd from more than 5 million bpd.
The company produces, refines and exports oil from Saudi Arabia, but also has refining operations across the globe. Aramco’s U.S. oil refining subsidiary Motiva Enterprises owns the 607,000 bpd Port Arthur refinery in Texas, the largest in the United States. In 2017 the company announced plans for $18 billion in investments in its operations in the Americas over five years.
Aramco is also expanding its oil refining and downstream capacity, particularly in rapidly growing countries such as China and India. Aramco had a net refining capacity of 3.1 million barrels per day in 2018.
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