Doubts are being cast on Saudi Arabia’s Prince Mohammad bin Salman’s ‘2030 Vision,’ which would include the listing of oil giant Aramco, after the market value was claimed to be $250bn to $400bn rather than the $100bn to $150bn claimed by the Saudis. The price of crude has fallen from $110 a barrel in June 2014 to less than $50 today, and analysts have said that it is unlikely prices will recover much above $60 for some time. However, instability in the region where Aramco’s oil reserves are located, combined with low oil prices and anti-Muslim rhetoric coming out of America has cast a pall over a sale that would have been the largest initial public offering in history.
Doubts are being cast on Saudi Arabia’s Prince Mohammad bin Salman’s ‘2030 Vision,’ which would include the listing of oil giant Aramco, after the market value was claimed to be $250bn to $400bn rather than the $100bn to $150bn claimed by the Saudis. The country’s authorities aim to persuade BP, ExxonMobil and China’s Sinopec to take stakes in the company, as Saudi Arabia tries to move away from its dependence on oil. However, instability in the region where Aramco’s oil reserves are located, combined with low oil prices and anti-Muslim rhetoric coming out of America has cast a pall over a sale that would have been the largest initial public offering in history.