From The 10 Point : My Guide to the Day's Top News
Gerad Baker-Editor in Chief, WSJ
Aramco Staying Home
Saudi Arabia is tempering its ambitions for a public offering of state-owned oil giant Aramco: We report the kingdom is planning to list the company only on the Saudi stock exchange next year and will take more time to decide if an international venue is worth it. The decision stems from concerns about legal risks and rising oil prices that have negated the need for a bigger listing. An Aramco offering had been expected to raise as much as $100 billion in New York or another international arena; President Trump last year publicly urged Saudi Arabia to list the company in the U.S. Saudi Crown Prince Mohammed bin Salman, who runs the kingdom's day-to-day affairs, has become resigned to the idea that the legal risks of a U.S. listing could be insurmountable, said people close to the process. The prince is set to meet with Mr. Trump and business leaders during a trip to the U.S. this week . Prince Mohammed is looking to solidify an anti-Iran stance with the Trump administration. The White House and lawmakers will weigh whether to continue supporting the prince's more confrontational approach with Tehran or seek to moderate his diplomacy.
Gerard Baker/ The Wall Street Journal /March 20 2018
WSJ The 10 point was taken from the daily brief mail by the Wall Street Journal, on 03/19/ 2018. The views are not necessarily those of Petroleumworld
Petroleumworld 03 21 2018