JPMorgan Chase & Co. and Michael Klein, the former Citigroup Inc. investment banker who runs his own boutique, have been selected to advise on state-owned Saudi Arabian Oil Co.’s initial public offering, according to people familiar with the matter.
Even in a world awash with crude, buyers in the world’s biggest oil market can’t seem to escape their addiction to Middle East supplies.
Saudi Arabian Oil Co. has asked consultants to bid for a role advising it on which assets to privatize and how to execute a potential share sale as the kingdom presses ahead with plans for an initial public offering, people with knowledge of the matter said.
Turkey’s state oil company will press ahead with plans for an initial public offering as soon as next year, but only if oil prices return to at least $60 a barrel from near $30 now, said chief executive Besim Sisman today.
Danish state-owned utility Dong Energy IPO-DONG.CO said on Tuesday it would keep its oil and gas unit as part of its anticipated initial public offering (IPO), but that it would write down about 16 billion Danish crowns ($2.32 billion) of the business. The world's biggest offshore power developer announced in September plans to pursue an IPO of its shares within 18 months.
Saudi Arabia may not have the grip over oil prices that it once did, but it still knows how the prime the market. Earlier this month, Saudi’s deputy crown prince, Muhammad bin Salman, floated the idea to The Economist of a stock offering for Saudi Aramco, the state company that controls Saudi Arabia’s massive oil reserves.
For all the talk of Saudi Arabia’s oil company becoming the first trillion-dollar business if it goes public, some see the chatter as a sign of oil’s weakness. The Saudis, they say, know it’s time to start hedging their bet on fossil fuels. While the Saudi Arabian Oil Co. sits on a preposterously large reserve of 260 billion barrels of oil, the kingdom’s discussion of a share sale amid a global collapse in crude prices suggests another motive to those who preach about the financial risks of climate change: The Saudis may want to capitalize on an asset that’s only going to lose value if the world gets serious about global warming.
A leading oil and gas expert said an Initial Public Offering (IPO) by Saudi Aramco could potentially be the largest on record.
Investors hoping a Saudi Arabian Oil Co. IPO will provide a chance to buy a stake in the world’s largest crude producer may have to wait. The company says one option is to sell shares in the company’s refining assets rather than the parent company.
Saudi Arabian Oil Co., the world’s biggest crude oil producer, confirmed it is considering a potential initial public offering. The company, known as Aramco, is studying whether to list “an appropriate percentage” of shares of the parent or a bundle of “downstream” units, according to an e-mailed statement Friday. Once the review of these various options is complete, the findings will be presented to the company’s board of directors, which will make recommendations to Aramco’s Supreme Council.
Saudi Arabia is said to be reviewing an IPO (Initial Public offering) with a decision expected to take place in the coming months.
Noble Midstream Partners have decided to postpone an initial public offering only a week after announcing the planned m
Noble Midstream Partners has commenced a public offering of 12.5million units representing limited partner interest in Noble Midstream. The units have been put on a public offering of between $19 and $21.