Dubai/Dhahran
Saudi Aramco said it does not expect a recent attack on its oil plants to have a material impact on finances and operations as it launched an initial public offering (IPO) on Sunday by announcing its intent for a domestic flotation. Aramco CEO Amin Nasser told a news conference after the IPO intent statement was published that the world’s largest oil firm was still the most reliable oil company globally.
The Sept. 14 strikes had targeted the Abqaiq and Khurais plants at the heart of Saudi Arabia’s oil industry, temporarily shutting down 5.7 million barrels per day (bpd) of output – more than 5% of global oil supply.
The assault, which Riyadh blamed on regional foe Iran, shook oil markets and prompted the United States to deploy additional American military forces and hardware to bolster the kingdom’s defences. Tehran denied any involvement.
“The company does not expect the impact of these attacks to have a material impact on its business, financial condition or results of operations,” Aramco said in its intent announcement. The firm said it had earned $68 billion for the nine-month period that ended September.—Reuters
