Al-Rumayyan: Aramco’s IPO is very close

Al-Rumayyan: Aramco’s IPO is very close
Yassir Al-Rumayyan, Governor of the Saudi PIF and Chairman of Aramco, during the Saudi-Russian Forum

Al-Rumayyan said, "had it not been for our rapid response after the Abqaiq–Khurais attack, oil would have jumped to $130 in two months".

Saudi Aramco's chairman Yassir Al-Rumayyan added "Aramco's IPO's is"very, very close".

"We have become the largest foreign investor in Russia afterinjecting $2.5bn," said Al-Rumayyan, who is also governor of the Saudi PublicInvestment Fund.

Al-Rumayyan noted that a joint fund with Russia and China is underway.

"If it were not for the speed of our response after the Abqaiq–Khuraisattack, oil would have jumped to $130 in two months," Al-Rumayyan said.

Al-Rumayyan pointed out that the attacks would have plunged theworld into a major recession without our rapid response.

Al-Rumayan stressed that changing the fund's strategy, whichstarted in 2015, was the main focus of coordination between the Fund'sinvestment objectives and the Saudi Vision 2030's achievement.

Sources told Bloomberg that Saudi Aramco is preparing to officiallyannounce its IPO almost on October 20. The sources have not ruled out thecompletion of the listing on the Saudi stock market, Tadawul, in November.

The newspaper "Wall Street Journal," according tosources, to study raising the quota to 10% of Aramco, which is twice the rate previouslyannounced.

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