Saudi Aramco’s chief executive Amin Nasser has revealed that the company is not planning for the secondary listing of its shares for at least a year from the initial offering.
Not only is Saudi Aramco not considering a secondary listing for the moment, but the CEO also revealed that the Saudi Aramco will discuss the possibility of listing Aramco’s shares on an international stock exchange, but not at this point in time.
Last December, Saudi Aramco broke Alibaba’s record of being the world’s biggest initial public offering by listing its shares on the Riyadh Stock Exchange.
Recently, the Saudi-based oil giant signed a total of 66 memorandum of understanding (MoU) and strategic collaborations worth $21 billion under its In-Kingdom Total Value Add (IKTVA) Programme.
The agreements were signed with international companies such as Hyundai Heavy Industry, Seimens, Aasia Steel, Oilfields Supply Center (OSC), Al-Khorayef Petroleum, Mitsubishi Hitachi Power Systems, Schneider Electric, Honeywell, Advanced Electronic Company (IT), XDM 3D Printing, Shengong New Materials, XINFOO, and Saudi Exports Development Authority.
Amin Nasser told the media, “Future readiness is forged from a culture of excellence – by giving people the skills they need to succeed in the jobs of the future. We’re enabling a vibrant commercial ecosystem that will drive efficiency and reliability of our operations. Through effective governance, IKTVA has created infrastructure, streamlined processes, and built capabilities that improve return on investment and leverage greater value for our company.”
This week, Saudi Aramco also announced its plans to invest around $110 billion for the development of Al-Jafurah gas field. Aramco has already received regulatory approval. The Al-Jafurah gas field is located southeast of Ghawar, the world’s biggest conventional oil field.
Aramco is the most profitable company in the world and the only company to reach a valuation of $2 trillion.