Saudi Aramco, the world's largest integrated oil and gas company, today announced its intention to offer part of its shares for public subscription and listing on the main market of the Saudi Stock Exchange “Tadawul”, in the presence of Chairman of Saudi Aramco Yasser bin Othman Al-Rumayyan, and Chairman and Chief Executive Officer Executives Amin Hassan Nasser.
Al-Rumayyan said he was pleased that Aramco had received the approval of the Capital Market Authority to put its shares in the IPO to become a listed company in the Saudi Stock Exchange (Tadawul).
Al-Rumayyan said that at the end of the IPO, Saudi Aramco will become a listed company in the Saudi stock market.
He said that Saudi Aramco has a strong governance system and a systematic relationship with the government, adopting international standards in the areas of operational efficiency and financial efficiency and achieved a distinguished shareholder record.Today, this listing has become an opportunity for shareholders to reap the benefits of Saudi Aramco.
Al-Rumayyan said that the company promotes a pivotal role in the Kingdom and in the global economy and contributes to meet the current global demand for energy and maintain the security of global supplies. Create jobs and support the continued growth of the local high-level supply chain.
“Aramco's initial public offering to Saudi Arabia is an important step towards realizing the Kingdom's Vision 2030 and contributing to the creation of initiatives identified in the National Transformation Program,” he said. He pointed out that the Kingdom has become more attractive to individual and institutional investors, and that Aramco as a listed company will become a source of pride.
In turn, Saudi Aramco President and Chief Executive Officer Eng. Amin Hassan Al Nasser said that Saudi Aramco has produced in the past three years 1 of 8 barrels of oil in the world, and the company produced in the first six months of 2019 to up to 13.2 million barrels of oil equivalent daily.
He said that the company's reserves are estimated at 201.4 billion barrels of crude oil and condensate, 25.4 billion of natural gas liquids and 185.7 trillion cubic feet of gas. Demand for crude oil through direct selling to local refinery companies wholly owned or affiliated with the company