Saudi Aramco CEO says no Russian discussions over participation in IPO

CEO Amin Nasser said two nations are continuing discussions on energy cooperation
Saudi Aramco CEO says no Russian discussions over participation in IPO
Amin al-Nasser, Chief Executive of state oil company Saudi Aramco.
By Bloomberg
Thu 05 Oct 2017 11:14 AM

Saudi Aramco isn’t talking with any Russian companies about possible participation in its initial public offering, the head of the state oil producer said as Saudi Arabia’s king led a delegation on a historic visit to Russia.

Aramco plans to sell about 5 percent of its shares by the end of 2018 in what could be the world’s largest IPO. Saudi Arabia and Russia share common energy interests and are continuing discussions on energy cooperation, CEO Amin Nasser told reporters Thursday in Moscow.

“We did not discuss anything with Russian companies about the participation” in Aramco’s planned share sale, and a Russian role in the IPO sale isn’t on the table at all, he said.

Nasser is among the Saudi executives accompanying King Salman bin Abdulaziz in the Russian capital as Saudi Arabia looks to deepen energy ties with Russia by striking major deals.

The interests of the world’s two biggest oil exporters have converged as the output pact between the Organization of Petroleum Exporting Countries and non-OPEC producers including Russia has spurred a rebound in crude prices.

Russian Energy Minister Alexander Novak said Saudi companies are in talks on possible participation in an Arctic project for liquefied natural gas. However, Aramco, known formally as Saudi Arabian Oil Co, isn’t talking about participating in Novatek’s LNG 2 project, Nasser said.

For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.