Oil in Global Economy Series: Saudi Arabia counters Reuters report on Aramco IPO end

Saudi Arabia has countered a Reuters’ report, here, https://www.reuters.com/article/us-saudi-aramco-ipo-exclusive/exclusive-aramco-listing-plan-halted-oil-giant-disbands-advisors-sources-idUSKCN1L71TZ where the new agency claimed citing its sources that the Saudi Aramco IPO has officially been called off by the Saudi Royal family. According to Reuters, Industry sources had told that Aramco had disbanded its group of financial advisors and had turned its attention to another deal: the acquisition of a strategic stake in industrial conglomerate Sabic

The oil minister of the Kingdom countered the claims that the IPO has been shelved. He said, “The Government remains committed to the IPO of Saudi Aramco at a time of its own choosing when conditions are optimum. This timing will depend on multiple factors, including favorable market conditions, and a downstream acquisition which the Company will pursue in the next few months, as directed by its Board of Directors.”

Though the kingdom has countered Reuters’ claim, it is clear that the conditions are currently not ripe, which is almost the same as shelving it.