The attacks on Saudi Aramco’s installations on September 14 will have no effect on its listing plans in the stock market, Amin Nasser, Aramco’s CEO, said in a conference in London, Reuters reported.
Aramco’s Abqaiq and Khurais plants were attacked, which led to shutting down around 5.7 million barrels per day (b/d) and increasing prices by around 20%.
“An absence of international resolve to take concrete action may embolden the attackers and indeed put the world’s energy security at greater risk,” Nasser said.
Nevertheless, Nasser pointed out that these attacks did not impact Aramco’s revenues, and also had “no impact on the [initial public offering (IPO)] whatsoever.”
Saudi Arabia is pressing ahead with plans to sell between 1% and 2% of Aramco through a local listing, which might be followed by additional share sales internationally.
It is worth mentioning that Aramco’s oil production stood at around 9.9 million b/d in October, and the company is on track to restore its maximum production capacity of oil, which is around 12 million b/d by the end of November.
Furthermore, despite attacks, Saudi Arabia succeeded in providing customers with levels near to normal through its inventories and offering crude grades from other fields.