Recent drone attacks on Saudi Aramco’s facilities are making it less likely for the Saudi company to go through with its initial public offering (IPO) this year, Reuters reported.
Attacks hit Saudi Arabia’s largest oilfields in Khurais and the world’s biggest crude processing facility at Abqaiq. This led to reducing Saudi oil output by more than half, around 5.7 million barrels per day (b/d), which makes for about 5% of the global oil supply.
Nevertheless, Saudi Arabia has recovered around 75% of the production lost due to the recent attacks.
Saudi Aramco was reportedly planning to list 1% of its shares on the Saudi Stock Exchange (Tadawul) before the end of 2019, and then list another 1% in 2020, before listing 3% through an international offering.
Aramco is the largest oil company in the world and is expected to generate about $100 billion from its IPO, which is set to be the world’s biggest.