Saudi Aramco IPO: Not priceless but peerless?

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Report summary

Deputy Crown Prince Muhammad bin Salman announced that the Kingdom is considering privatising Saudi Aramco, with a possible listing of downstream assets. The company is the world’s largest oil producer with 12 million b/d (Rosneft is next largest at 4.1 million b/d) and it is also one of the global giants of Downstream (4th largest with refining capacity of 3.1 million b/d). Selling equity in upstream reserves seems a remote possibility – even if oil prices were not at their current lows. Downstream is different, and could provide a vehicle for outside investors for a variety of reasons, among them: a) there would be investor appetite, since Downstream is back in fashion; b) its Downstream businesses are Middle East focussed with a growth story; c) it already has an internationally diversified base of operations, many of which are IOC joint ventures; d) certain majors and NOCs with large deficit domestic markets remain keen to collaborate with Aramco's Downstream businesses

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    Saudi Aramco IPO: Not priceless but peerless?

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Table of contents

  • Introduction
  • Saudi Aramco Upstream
  • Saudi Aramco Downstream
  • Conclusion

Tables and charts

This report includes 5 images and tables including:


  • Figure 1: Total Production Forecast of Aramco Upstream Potential Peers
  • Figure 2: Total Estimated Commercial Reserve Life of Aramco and Potential Upstream Peers
  • Figure 3: Refining capacity by region
  • Figure 4: Refining capacity ownership structure and chemical integration
  • Figure 5: Refining complexity and net cash margin (weighted average)

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