Oil attacks on Saudi: Damage may be partially offset

Oil attacks on Saudi: Damage may be partially offset

The government wants Aramco's IPO to achieve a $2 trillion valuation, however, the downgrade of its credit rating could put a shadow on these plans.

The drone attacks had no impact on the company's plans for its initial public offering (IPO) listing on the stock market, Nasser insisted.

Saudi Aramco CEO Amin Nasser said Wednesday the drone attacks to Saudi oil facilities didn't affect plans for an initial public offering (IPO), but inaction on an global level to deal with the attacker may feed further threats, Kallanish Energy reports.

"The attacks on Saudi oil facilities in September led to a significant supply disruption, which is also expected to impact 2019 growth", said the World Bank.

The absence of an worldwide resolution to take action against these operations could embolden attackers and put global energy security at risk, Nasser said. "It's instigated by Iran for sure, there's no doubt", Nasser said.

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Yemen's Houthi group claimed responsibility for the attacks, but a US official said they originated from southwestern Iran. Although Yemen's Houthi militia repeatedly claimed responsibility of the attacks, and warned of further attacks unless Riyadh ended its military campaign in Yemen, Washington and Riyadh have blamed Iran.

The state-owned oil company could sell up to 2% of its shares on Tadawul, Saudi Arabia's domestic stock exchange, according to the report.

Saudi Arabia will recover its full oil production by the end of November, Saudi Aramco (ARMCO) CEO Amin Nasser said at the Oil & Money Conference in London today.

Aramco is reportedly set to release its IPO prospectus in Arabic as early as October 25, with an English version provided two day later, sources told the Wall Street Journal.

The kingdom's crude oil production capacity is now 11.3 million bpd, the Saudi energy minister, Prince Abdulaziz bin Salman, said last week.

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