Saudi Aramco launches IPO to raise $60bn as Kingdom seek $2tn valuation

Saudi Aramco launched its public offering yesterday kicking off Crown Prince Mohammed bin Salman’s ambition to overhaul the kingdom’s oil addicted economy. The IPO, a landmark in Prince Mohammed’s drive on his pledge to modernise the kingdom, was tipped to be the world’s largest, hoping to raise in excess of $60bn with a sale of…

Saudi Aramco take 20 per cent in Reliance

The world’s largest oil producer and crude oil exporter has agreed to take a 20 per cent stake of Reliance Industries, the Indian group’s refining and petrochemical business, one of the largest foreign investment in India, the fastest growing energy consumer in the world. “The deal, which values the business at £63bn ($75bn) including debt…

Aramco floatation considered by Saudi Arabia

Saudi Arabia is planning to sell shares in State energy giant Saudi Aramco, world’s largest oil producer, creating Trillion Dollar company. In an interview in the Economist, deputy crown prince Mohammed bin Salman said the move was being “reviewed and the decision could be months away”. Prince Mohammed has become Saudi Arabia’s main powerbroker after…