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Aramco, the World's Largest Oil Company, Allowed to Go Public, Saudi Economic Reform Accelerates

Source:Iris Liang Time:2019-11-4 11:17:00

Saudi Aramco was approved to go public on the 3rd, which not only marks the world's highest market value, but also means that the economic reform of Saudi Arabia is entering a new phase.

Amin Nasser, president of Aramco, said that the implementation of the listing plan will open a new page for the company's history and help the company become the world's largest energy and chemical industry industry chain. SEKO Machinery is willing to work with all of Saudi Arabia's premium stainless steel industrial welded pipe manufacturers to provide a professional and efficient stainless steel oil and gas pipeline making machine to contribute to this reform. In 2016, Saudi Crown Prince Mohamed bin Salman proposed the “Vision 2030” economic reform plan, which aims to free Saudi Arabia from its long-term dependence on oil revenue and promote the listing of Aramco in the context of the continued low international oil prices. The Saudi government has raised funds to promote reforms.
Saudi economist Turki Fadeag: The listing of Aramco can be said to be one of the most important parts of achieving the goal of “Vision 2030”, which is not only the largest privatization process in Saudi history, but also Providing more cash flow for economic reforms allows the government to use funds for economic and industrial restructuring.

After the implementation of the first phase of the listing plan, Aramco will also open the overseas listing process. Although the current listing share has not yet been announced, Saudi economists said that in view of the huge profits of Aramco in the first half of 2019, which exceeded 45 billion US dollars, Its listing prospects remain optimistic.

Saudi Economist Turki Fadeag: After six months of listing in Saudi Arabia, Aramco will continue its second phase of listing in the international market. The listing share has not yet been announced not only because of geopolitics, but also because of the listing plan, which will be determined by factors such as the location of the listing, market size, and liquidity. The performance of Aramco in the domestic market will also have an impact on this.

In particular, economists pointed out that Saudi Arabia and China have developed rapidly in recent years, especially in the field of energy cooperation. Aramco also has several investment projects in China. As the world's largest oil importer, China and the oil exporting country Saudi Arabia There is still room for cooperation in the field of energy investment.

Saudi Economist Turki Fadag: For Saudi Arabia, China is the best strategic partner. The most important reason is that China is one of the major energy consumers. For China, it is not unhelpful to invest in Aramco. With the continuous implementation of the listing plan, investors will have the opportunity to have a place in the board of the world's largest oil companies. This is a useful supplement to China's foreign investment and energy security.

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Iris Liang
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