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Saudi Aramco IPO: Not priceless but peerless?


Saudi Aramco IPO: Not priceless but peerless?

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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Description

This Refining and Oil Products Insight report highlights the key issues surrounding this topic, and draws out the implications for those involved.

For participants, suppliers and advisors who want to look at the trends, risks and issues of this topic, this report gives you an alternative point of view to help inform your decision making.

With over 20 years of experience in the refining industry, Wood Mackenzie is a trusted global leader with a reputation for producing consistently reliable information.

Our senior analysts are based in the markets they analyse. They use detailed research data to forecast, benchmark and recognise trends that will help both new and existing participants identify opportunities and avoid risks.

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

In this report there are 5 tables or charts, including:

  • Introduction
  • Saudi Aramco Upstream
    • Figure 1: Total Production Forecast of Aramco Upstream Potential Peers
    • Figure 2: Total Estimated Commercial Reserve Life of Aramco and Potential Upstream Peers
  • Saudi Aramco Downstream
    • 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)
  • Conclusion
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