Saudi Arabia has said oil giant Saudi Aramco is worth more than $2 trillion, enough to consume Apple Inc. twice, and still have room for Google parent Alphabet Inc. Industry executives, analysts and investors told Bloomberg their analysis — based on oil reserves and cash flow projections under different tax scenarios — suggests Aramco is worth no more than half, and maybe as little as a fifth, of that amount. This means Saudi Arabia would earn a fraction of the $100 billion implied by its valuation if it sells 5 percent to the public in 2018, as planned.
Category: Saudi Arabia
Don’t Expect Record Oil Speculation to Drive Up Prices: Gadfly
Speculators have piled back into oil since OPEC announced output cuts in November. But don’t be fooled into thinking that means prices are set to soar.
OPEC’s Top Producer Is Turning to Wind and Solar Power
The nation most identified with its massive oil reserves is turning to wind and solar to generate power at home and help extend the life of its crucial crude franchise. Saudi Arabia plans to develop almost 10 gigawatts of renewable energy by 2023, starting with wind and solar plants in its vast northwestern desert.
Saudis Supply Asian Buyers All the Oil They Asked for March
Saudi Arabia is trying to make sure crude buyers in the world’s biggest oil market aren’t lured by rivals while it curbs output as promised. Saudi Arabian Oil Co.
Saudi Aramco Said to Pick Moelis to Advise on Biggest IPO
Saudi Arabian Oil Co. hired Moelis & Co. to advise on its initial public offering, according to people familiar with the matter, as it pushes ahead with plans to pursue the world’s biggest share sale.
Singapore Said to Plan Slew of Incentives to Lure Aramco Listing
Singapore is considering a range of measures to lure a listing from energy giant Saudi Arabian Oil Co., according to people familiar with the matter, as global exchanges compete for a slice of what could be the world’s largest-ever initial public offering. The island nation is studying proposals including inviting one of its state investment companies to become a cornerstone investor in Aramco’s IPO, as well as potential Singapore cooperation with the Saudi government on future investments, the people said.
Sabic Buys Out Shell in Saudi Petrochemical for $820 Million
Saudi Basic Industries Corp., the Middle East’s biggest petrochemicals producer, agreed to buy out Royal Dutch Shell Plc’s 50 percent stake in a Saudi joint venture for $820 million. The Saudi Petrochemical Co.
Oil Posts Biggest Two-Day Gain in 6 Weeks as Saudis Make Cuts
Oil climbed, posting the biggest two-day gain in almost six weeks, after Saudi Arabia said it cut production even more than required by an OPEC deal. Futures increased 1.5 percent in New York as Saudi Arabian Energy Minister Khalid al-Falih said the kingdom reduced output to less than 10 million barrels a day, going beyond its obligations under an accord between OPEC and other producers to curb production.
Shamoon returns with malware in hand to wipe hard drives, nuke virtual machines
Researcher Robert Falcone of the Palo Alto Networks said on Monday that the Shamoon attack campaign has returned again to cause even more headaches than before. The campaign was first conducted in 2012 against an organization in Saudi Arabia while the second didn’t take place until 2016.
Brent Oil Closes at 18-Month High After Positive U.S. Jobs Data
Brent oil rose to the highest close in almost 18 months after U.S. government data showed strong job and wage gains while Kuwait and Saudi Arabia signaled they are curbing output. Futures climbed a third day after Labor Department data showed that the world’s biggest crude-consuming country added 156,000 jobs in December, while wages rose the most since 2009.