Aramco CEO: Attacks had no impact on IPO plans

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Thu, 2019-10-10 00:35

LONDON: Saudi Aramco’s chief executive said on Wednesday
there would be no impact on the stock market listing plans of the
state oil giant after attacks on its installations last month,
which he blamed on Iran.

Attacks such as those on Sept. 14, which sent oil prices up as
much as 20 percent, may continue if there is no concerted
international response, Amin Nasser told the Oil & Money
conference in London.

The attacks targeted the Abqaiq and Khurais plants at the heart
of Saudi Arabia’s oil industry, causing fires and damage and
shutting down 5.7 million barrels per day (bpd) of production —
more than 5 percent of global oil supply.

“An absence of international resolve to take concrete action
may embolden the attackers and indeed put the world’s energy
security at greater risk,” Nasser said.

“You heard the minister of foreign affairs and I think he
spoke enough about (where) the attacks (are) coming from. It’s
instigated by Iran for sure, there’s no doubt.”

Yemen’s Houthi group claimed responsibility for the attacks,
but a US official said they originated from southwestern Iran.
Riyadh blamed Tehran. Iran, which supports the Houthis in Yemen’s
war, has denied any involvement.

Saudi Arabia has maintained supplies to customers at levels seen
before the attacks by drawing from its huge oil inventories and
offering crude grades from other fields.

Nasser added that the attacks had no effect on Aramco’s
revenues because the company continued to supply customers as
planned. The attacks also had “no impact on the (initial public
offering) whatsoever,” he said.

Saudi Arabia is pressing ahead with plans to sell between 1
percent and 2 percent of Aramco through a local listing, which
might be followed by additional share sales internationally.

Nasser said Aramco was on track to regain its maximum oil
production capacity of 12 million bpd by the end of November and
that October crude output stood at 9.9 million bpd.

The Kingdom’s crude oil production capacity is now 11.3
million bpd, the Saudi energy minister, Prince Abdulaziz bin
Salman, said last week.

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Aramco to reach maximum production capacity by November: CEOSaudi
energy minister lauds Kingdom’s response to Aramco strikes at
global oil industry conference
Source: FS – All-News-Economy
Aramco CEO: Attacks had no impact on IPO plans