The Saudi Royals have stated that the weekend strikes on Saudi Aramco oil facilities by Iran will have no impact on government revenues and that they will continue to go ahead with the initial public offering (IPO) of Aramco. “In terms of revenues there’s zero impact,” Saudi Finance Minister Mohammed al-Jadaan insisted on Wednesday at an investor conference in the in Riyadh.
Prince Abdulaziz bin Salman assured the public that the Royal Family will restore lost oil output by the end of the month but the attack has undoubtably caused panic in the ranks. The latest attack by Iran is by far the most serious regarding both damage caused and economic fall out, causing a 20 percent surge in oil prices on Monday – the biggest single jump since the 1990 Gulf War.
Minister al-Jadaan reiterated that the Aramco IPO is moving ahead as planned and will most likely happen during the next year or so, Aramco’s primary listing will be on Tadawul, but the Royal Family are considering a secondary listing overseas, he said.
Doubts had emerged earlier this week regarding the timeline of the Aramco IPO in the wake of the attack, but despite the concerns Aramco has pressed ahead with banker meetings this week under the orders of the Saudi Royals.
