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 after injecting $2.5bn,” said Al-Rumayyan, who is also governor of the Saudi Public Investment 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–Khurais attack, oil would have jumped to $130 in two months,” Al-Rumayyan said.

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

Al-Rumayan stressed that changing the fund’s strategy, which started in 2015, was the main focus of coordination between the Fund’s investment objectives and the Saudi Vision 2030’s achievement.

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

The newspaper “Wall Street Journal,” according to sources, to study raising the quota to 10% of Aramco, which is twice the rate previously announced.