Friday, 11 October 2019

Saudi Aramco is Expected to Create World’s Biggest IPO Next Week


Saudi Aramco is officially the Saudi Arabian Oil Company. It is a Saudi Arabian national petroleum and natural gas company based in Dhahran, Saudi Arabia. It is one of the largest companies in the world by revenue.

Saudi Aramco has the world's second largest proven crude oil reserves at more than 270 billion barrels. Saudi Aramco operates the world's largest single hydrocarbon network, the Master Gas System. Aramco has reported its net income at $111.1 billion in 2018 compared to $75.9 billion in 2017.

The Saudi Aramco board is expected to give final approvals to proceed with its large share sale next week. The company is preparing for the IPO. About 2% of Aramco may be sold. This could raise $40 billion.

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