Aramco says drone attacks will not affect its IPO

Riyadh, Sep 17 (.) .- The president of Saudi oil company Aramco, Yasir al Rumayyan, has said that the attack with drones last Saturday against two major oil plants in the kingdom will not affect the company's IPO, which was postponed from 2018 to 2019.

At a press conference in Jeddah (west), the newly appointed president said that the offer of shares can occur at any time "in the next 12 months."

Al Rumayyan has described as "sabotage act" the attack on the Abqaiq and Khurais plants, claimed by the Houthi rebels of Yemen, although the United States has accused Iran of being behind that action that reduced Saudi Arabia's total production in 50%

The IPO of Aramco would be essential to finance the Vision 2030 project of the Crown Prince of Saudi Arabia, Mohamed bin Salman, to modernize the country's economy and reduce its dependence on, and cope with a 7% deficit of gross domestic product (GDP) in 2019, according to the estimates of the International Monetary Fund (IMF).

Preparations are accelerating because the Saudi authorities want to take advantage of the positive reaction to the issuance of bonds made by the oil company in April, in which some 12 billion dollars (10.7 billion euros) were collected.

Also, in the face of that next IPO, Aramco announced last August for the first time in its history the results of the first half of 2019, with a net profit of 46,938 million dollars, 11.3% less than in the same period of the previous year due to the decline in crude oil prices.

Last April, Moody's and Fitch considered the oil company as the company with the highest profits in the world, with a net profit of $ 111.1 billion in 2018, according to estimates made by risk agencies, since the company did not make those figures.

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