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BREAKING
Sheikh Qassem: Our supporters make up more than half of Lebanon's population, and all of these people are united under the banner of protecting Lebanon, its Resistance, its people, and its integrity.
Sheikh Qassem: There will be no phased handing in of our arms. [The Israelis] must first enact the agreement before we start talking about a defensive strategy.
Sheikh Qassem: Be brave in the face of foreign pressures, and we will be by your side in this stance.
Sheikh Qassem: Stripping us of our arms is like stripping us of our very soul, and this will prompt us to show them our might.
Sheikh Qassem: We will not abandon our arms, for they gave us dignity; we will not abandon our arms, for they protect us against our enemy.
Sheikh Qassem: The US efforts we are seeing are aimed at sabotaging Lebanon and constitute a call for sedition.
Sheikh Qassem: If you truly want to establish sovereignty and work for Lebanon’s interests, then stop the aggression.
Sheikh Qassem: The United States, which is meddling in Lebanon, is not trustworthy but rather poses a danger to it.
Sheikh Qassem: The United States is preventing the weapons that protect the homeland.
Sheikh Qassem: The government’s latest decision [on the disarmament of the Resistance] is non-charter-based, and if the government continues down this path, it is not faithful to Lebanon’s sovereignty.

Aramco works with Wall Street advisers for Riyadh listing

  • By Al Mayadeen English
  • Source: Agencies
  • 20 Oct 2022 15:41
3 Min Read

Saudi Arabia's government-owned oil company Aramco is working with Wall Street firms for a Riyadh listing, however, all decisions remain dependent on the market's economic trend projections.

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  • Part of Saudi Arabian Aramco’s Ras Tanura facility in Saudi Arabia (Shutterstock)
    Part of Saudi Arabian Aramco’s Ras Tanura facility in Saudi Arabia (Shutterstock)

Saudi Arabian Aramco, according to sources with knowledge of the situation, decided to move forward with preparations for an Initial Public Offering (IPO) of its energy trading division, which would be one of the biggest share sales this year.

The biggest oil company in the world has, since May, appointed three Wall Street firms to be primary advisors, according to Bloomberg News. The goal is to work towards a listing, either by the end of the year or early in 2023, in Riyadh.

Sources claim that the IPO, which Aramco is now broadening to include additional banks in, may value the unit at more than $30 billion.

Given market fluctuation, however, especially in a case of a deteriorating market economy, the IPO may be postponed or even canceled. As of yet, there has been no final decision, the sources claim.

Although weakening economies and increasing interest rates have impacted the global IPO market, Saudi Arabia still has a strong demand for deals. However, the diplomatic spat that recently emerged between Saudi Arabia and the US could threaten the financial stability of the Gulf.

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Increasing tensions with the US

It is worth noting that earlier in October, the 13-nation OPEC+ and its 10 allies infuriated the White House by resolving to cut output by two million barrels per day beginning in November, fueling fears that oil prices may spike.

"I'm not going to get into what I'd consider and what I have in mind. But there will be -- there will be consequences," US President Joe Biden told CNN.

Biden would not specify which choices were being evaluated, although the White House had previously stated that Biden was reassessing connections between allies.

"I think the president's been very clear that this is a relationship that we need to continue to re-evaluate, that we need to be willing to revisit," US National Security Council spokesman John Kirby told CNN, adding that "Certainly in light of the OPEC decision, I think that's where he is."

Saudi Arabian Foreign Minister Adel Al-Jubeir denied all allegations that OPEC+'s decision was directed at the US and stated that its aim was to stabilize the global market amid a slowing economy.

Furthermore, earlier today, Saudi Arabia reaffirmed interest in joining BRICS to which a Beijing-based international relations expert commented saying that "joining BRICS will also protect Saudi Arabia's own energy interests in a substantive way, rather than being a card to be used by others."

Read more: Saudi Arabia seeking to join BRICS threatens US' "Oil for Security"

  • BRICS
  • Riyadh
  • IPO
  • US
  • Aramco
  • Saudi Arabia

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