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Saudi Arabia hints at IPO of Aramco

by ChemOrbis Editorial Team -
  • 08/01/2016 (16:22)
According to media sources, Saudi Arabia’s Deputy Crown Prince Mohammed Bin Salman stated that the country is currently reviewing the possibility of an initial public offering of state-owned Saudi Aramco’s shares, adding that a decision is expected to be made in the next few months.

Though Saudi Arabia’s oil sector has always been managed domestically, Bin Salman expressed that the move will be beneficial for the Saudi market and Aramco, whose annual revenues are slated to reach $90 billion based on the company’s exports of 7 million barrels of oil per day (bpd) despite lower oil prices.

In October, the IMF stressed that Saudi Arabia may exhaust the reserves needed to support current spending within five years because of widening fiscal deficits stemming from plunging oil prices. Towards the end of 2015, Saudi Arabia increased gasoline and ethane feedstock prices in its 2016 budget in order to reduce the budget deficit.
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