Saudi Arabia has confirmed its commitment to the initial public offering of Saudi Aramco, the world's biggest oil producing company, dispelling media reports that the sale was shelved.
But analysts said the the IPO of the firm could be delayed by a couple of years.
“The government remains committed to the IPO of Saudi Aramco at a time of its own choosing when conditions are optimum,” Saudi oil minister Khalid Al Falih said in a statement.
Saudi Aramco, which produces 12.9 per cent of the world’s oil, had whet the appetite of the global financial industry when it said it would list 5 per cent of its shares, in what was hailed to be the world's biggest IPO. Government estimates have valued the company at $2 trillion, which would have priced the IPO at $100 billion. Saudi officials have earlier said the company would aim for a dual listing, one on the local Tadawul, and another on an international exchange. Funds raised from the IPO would in turn be used to fill the coffers of the Public Investment Fund, the kingdom's sovereign wealth fund.
“There is no urgency for an Aramco listing. The company is well capitalised and well-run,” said Hasnain Malik, Dubai-based global head of equity research and strategy at Exotix Capital.
However, higher oil prices as well as Saudi Aramco's ongoing discussions to acquire a major stake in Sabic, the region's biggest chemicals company, have cooled off the rush to list the energy company.
Mr Al Falih cited Aramco’s acquisition of an downstream asset, which is expected to close by end of the year as well as “favourable market conditions” as factors impacting the timeline for the IPO.
The integration of Sabic, which is expected to generate greater efficiencies for both companies, was a “big task” for Aramco this year, noted Mr Malik.
“Sabic’s integration means more complexity and potentially the removal of duplicated cost. This in itself is a big task which will yield more efficiency gains than the listing of a very small stake in Aramco,” he said.
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Read more:
Saudi Aramco pledges continued investment to meet rising oil demand
Saudi Aramco forms $8bn joint venture with Acwa and Air Products
Saudi Aramco and Sabic to build world's largest oil-to-chemicals plant
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Ellen R Wald, president of Transversal Consulting and author of Saudi Inc, noted that Aramco's plans for listing were "unclear" and could well happen in 2019 or perhaps later.
“The [government] statement indicates that there are still matters to be taken care of before the company and the government are ready,” she said.
The acquisition will leave Aramco with less cash on its balance sheet and possibly some debt.
“But it will also have a complementary asset of significant value,” she added.
The acquisition of Sabic comes at a time of significant pivot among regional oil companies towards the manufacture and sale of complex petrochemical products to meet growing demand in Asia.
Saudi Aramco, which recently signed a $5 billion agreement with French oil major Total to develop chemical facilities at the 440,000-barrel-per-day Satorp refinery in Jubail, will look to leverage Sabic's existing capabilities to co-operate in future projects.
The two firms last year signed an agreement to develop a $20bn oil-to-chemicals scheme on the Saudi Red Sea coast, that will see the integration with Aramco's existing refining facilities at Yanbu.
“There is no reason for Aramco and Sabic not to be more co-ordinated, particularly in their domestic operations,” said Mr Malik.
“For example, new downstream projects should be planned on the basis of a co-ordinated decision on access to gas or oil inputs."
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PSA DUBAI WORLD SERIES FINALS LINE-UP
Men’s:
Mohamed El Shorbagy (EGY)
Ali Farag (EGY)
Simon Rosner (GER)
Tarek Momen (EGY)
Miguel Angel Rodriguez (COL)
Gregory Gaultier (FRA)
Karim Abdel Gawad (EGY)
Nick Matthew (ENG)
Women's:
Nour El Sherbini (EGY)
Raneem El Welily (EGY)
Nour El Tayeb (EGY)
Laura Massaro (ENG)
Joelle King (NZE)
Camille Serme (FRA)
Nouran Gohar (EGY)
Sarah-Jane Perry (ENG)
Company%20profile
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Crops that could be introduced to the UAE
1: Quinoa
2. Bathua
3. Amaranth
4. Pearl and finger millet
5. Sorghum
65
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All%20We%20Imagine%20as%20Light
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Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding
Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.
Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.
Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.
For more details, email openminds@cultures.ae or visit www.cultures.ae
Company%20Profile
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MATCH INFO
Europa League final
Marseille 0
Atletico Madrid 3
Greizmann (21', 49'), Gabi (89')
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Law%2041.9.4%20of%20men%E2%80%99s%20T20I%20playing%20conditions
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Company%20Profile
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What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
MATCH DETAILS
Manchester United 3
Greenwood (21), Martial (33), Rashford (49)
Partizan Belgrade 0
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
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COMPANY%20PROFILE%20
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India team for Sri Lanka series
Test squad: Rohit Sharma (captain), Priyank Panchal, Mayank Agarwal, Virat Kohli, Shreyas Iyer, Hanuma Vihari, Shubhman Gill, Rishabh Pant (wk), KS Bharath (wk), Ravindra Jadeja, Jayant Yadav, Ravichandran Ashwin, Kuldeep Yadav, Sourabh Kumar, Mohammed Siraj, Umesh Yadav, Mohammed Shami, Jasprit Bumrah.
T20 squad: Rohit Sharma (captain), Ruturaj Gaikwad, Shreyas Iyer, Surya Kumar Yadav, Sanju Samson, Ishan Kishan (wk), Venkatesh Iyer, Deepak Chahar, Deepak Hooda, Ravindra Jadeja, Yuzvendra Chahal, Ravi Bishnoi, Kuldeep Yadav, Mohammed Siraj, Bhuvneshwar Kumar, Harshal Patel, Jasprit Bumrah, Avesh Khan
COMPANY%20PROFILE
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The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Batti Gul Meter Chalu
Producers: KRTI Productions, T-Series
Director: Sree Narayan Singh
Cast: Shahid Kapoor, Shraddha Kapoor, Divyenndu Sharma, Yami Gautam
Rating: 2/5
Mobile phone packages comparison
Could%20We%20Be%20More
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Company%20Profile
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The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
A Long Way Home by Peter Carey
Faber & Faber
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.