Aramco Converted Into Joint-Stock Co.
Aramco Converted Into Joint-Stock Co.

Aramco Converted Into Joint-Stock Co.

Aramco Converted Into Joint-Stock Co.

Saudi Arabia has changed the status of its national oil giant Aramco to a joint-stock company as of Jan. 1, in a key step for an initial public offering planned for later this year. The sale of up to 5% of Saudi Aramco, expected to go ahead in the second half of 2018, is a centerpiece of Vision 2030, an ambitious reform plan to reduce the dependence of Saudi economy on oil, Reuters reported. The plan is championed by Saudi Crown Prince Mohammad bin Salman. The change, which was published in a Cabinet decree in the kingdom’s official bulletin on Friday, is a requirement for local companies in Saudi Arabia ahead of listing, a senior Aramco source, who declined to be named, told Reuters. “As a customary step in the preparation process for a Saudi IPO, Saudi Aramco has converted to a joint stock company,” the source said. “This establishes the framework to allow future investors to hold shares in the company alongside its shareholder, the government.”


Short URL : https://goo.gl/G28XhV
  1. https://goo.gl/9sgR7i
  • https://goo.gl/Lcm3Ln
  • https://goo.gl/iQSN2R
  • https://goo.gl/6BxVRS
  • https://goo.gl/5oyZu1

You can also read ...

Venezuelan Refineries in Danger of Seizure
In 2007, following Venezuela’s expropriation of billions of...
Chevron to Develop Iraqi Oilfields
Iraq’s state-run Basra Oil Company and Chevron, an American...
China Tariffs to Darken Prospects of US LNG
This winter could be a bleak one for America’s natural gas...
Caspian Convention Can Help Boost Iran Oil, Gas Exports
The Convention on the Legal Status of the Caspian Sea will...
Spanish Esproenko to Continue Iran Business
Esproenko International, which specializes in oil and gas...
OPEC Should Remain Independent, Apolitical
Some members of the Organization of Petroleum Exporting...
NIGC Export Capacity at 75 mcm Per Day
The National Iranian Gas Company’s capacity to export natural...
Higher Electricity Tariffs Should Moderate Usage
Imposing higher tariffs on those who exceed fair consumption...

Add new comment

Read our comment policy before posting your viewpoints