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Saudi Aramco restores output after attacks –energy minister

Oct 03, 2019
2 min read
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Saudi Arabia has fully restored oil output after attacks on its facilities last month and is now focused on the listing of Saudi Aramco, its energy minister Prince Abdulaziz bin Salman said, according to Reuters.

“We all rose to the challenge,” he said, citied by Reuters, adding that the kingdom’s oil production capacity now stands at 11.3 million barrels per day.

 “We have stabilised production capacity, we are at 11.3... We still have the kit and the tools to overcome any future challenges,” he told a Moscow energy conference on Thursday.

The listing of Aramco is the centrepiece of Saudi Arabian plans to shake up its economy and diversify away from oil.

Bankers from around 20 international and domestic financial institutions are now working on the company’s plan to sell 1 per cent of Aramco in Riyadh before an international sale in 2020 or 2021.

Previously, Aramco’s plans included doing an international listing of 5 per cent of the company, or as a dual listing. Aramco is officially valued at $2 trillion, which would translate to a listing of $100 billion, dwarfing the largest public offering in history of Ali Baba at $25 billion.

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