Saudi Arabia favors New York for Aramco listing - sources

Record ID: 906066

  • Title: Saudi Arabia favors New York for Aramco listing - sources
  • Date: 11th August 2017
  • Summary: NEW YORK, NEW YORK, UNITED STATES (AUGUST 11, 2017) (REUTERS) (SOUNDBITE) (English) MIZUHO AMERICAS, DIRECTOR OF FUTURES DIVISION, BOB YAWGER, SAYING: "So, if it's all production, it's a great, great, great IPO that everybody wants to be involved in, especially that crude oil is trading $50 right now and crude oil eventually goes to $80, or a hundred dollars, it would be a grand slam. On the other hand, if it's all pipelines that are moving crude oil around the country, and that's all it all that it encompasses, it's going to be closer to $1 trillion dollars. And that's something that will not move as fast if crude oil moves from $50 to $80."
  • Embargoed: 25th August 2017 18:00
  • Keywords: initial public offering listing Mizuho Americas IPO capital Aramco New York Bob Yawger oil Saudi Arabia
  • Location: NEW YORK, NEW YORK, UNITED STATES, SHAYBAH OIL FIELDS, SAUDI ARABIA, NUR KHAN AIR BASE, AND RAWALPINDI, PAKISTAN
  • City: NEW YORK, NEW YORK, UNITED STATES, SHAYBAH OIL FIELDS, SAUDI ARABIA, NUR KHAN AIR BASE, AND RAWALPINDI, PAKISTAN
  • Country: USA
  • Topics: Company News Markets,Economic Events
  • Reuters ID: LVA0096TPQYZ1
  • Aspect Ratio: 16:9
  • Story Text:Saudi Arabia favors New York for the main foreign listing of state oil giant Aramco, even though some financial and legal advisers have recommended London as a less problematic and risky option, people familiar with the matter told Reuters.
    A final decision on where to stage what could be the world's largest initial public offering will be taken by Crown Prince Mohammad bin Salman - or MbS as he is known - who oversees the kingdom's economic and energy policies, the sources said.
    Saudis want to float about five percent of the Aramco. Prince Mohammed has said the IPO will value the company at a minimum of $2 trillion, although some analysts' estimates are between $1 trillion and $1.5 trillion.
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2017. Open For Restrictions - http://about.reuters.com/fulllegal.asp
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