RIYADH - Saudi Arabia said on Wednesday a weekend attack on Saudi Aramco had no impact on government revenues and authorities were gearing up to list the state oil giant, signaling the kingdom’s resilience following the crippling strike on its oil industry.
“Aramco continued to supply the markets without interruption and therefore revenues should continue as they are.” The Saudi stock market .TASI was also up 0.4% in afternoon trade on Wednesday and Saudi dollar-denominated bonds also recovered on the international market after falling on Monday. They have also exposed how ill-prepared the Gulf state is to defend itself despite repeated attacks on vital assets during its 4-1/2 year foray into the war in neighboring Yemen.
The Aramco IPO is a pillar of an ambitious economic diversification drive by Crown Prince Mohammed bin Salman, who has put the firm’s valuation at $2 trillion. The domestic flotation is the first step of a targeted 5% sale.Jadaan reiterated the Aramco IPO is moving ahead as planned and will most likely happen over the next 12 months.
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