Aramco $13Bln offering
May 31 (LNGJ) - The Government of the Kingdom of Saudi Arabia and the Saudi Aramco oil company are proceeding with a secondary share offering that could raise more than $13 billion. Aramco, which is currently seeking global LNG volumes and boosting domestic natural gas production, said the offering would be made to institutional investors in Saudi Arabia, overseas institutional investors, Saudi retail investors and investors in the Gulf Cooperation Council countries.
The offering comprises 1.545 billion Aramco shares representing 0.64 percent of the company’s issued share capital. “The price range for the offered shares is between 26.70 Saudi riyals ($7.11) and 29.00 riyals ($7.73) per share,” Aramco said.
Saudi Aramco forecasts oil demand growth for rest of decade as profits hit $42Bln and natural gas output rises
Saudi Arabian Oil Company (Aramco), the world’s largest seller of crude oil, reported an almost 40 percent rise in third-quarter net income to $42.4 billion as global crude oil prices were affected by “continued economic uncertainty” and it forecast that oil demand would continue to grow for the rest of the decade.
