How Saudi Aramco is the WeWork of energy

On paper, you could scarcely imagine two more different companies than WeWork and Saudi Aramco.

Bankers put the Aramco sale on hold last week after it became clear that international investors wouldn’t swallow the US$2 trillion market capitalization Saudi Arabia’s Crown Prince Mohammed bin Salman first laid out almost three-and-a-half years ago, Bloomberg News reported Friday, citing people familiar with the matter. A number closer to US$1.

The problems are compounded by the way the IPO has been handled. One reason the state oil companies mostly trade at a discount to independent producers is the perception that their corporate governance is caught up in politics. Aramco is hardly immune: Just last month, Khalid Al-Falih was removed from the roles of Aramco chairman and Saudi Arabia’s energy minister in the space of a week.

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