Saudi Arabia’s national petroleum and natural gas company Saudi Aramco is preparing itself for its initial public offering (IPO) in 2H of 2017, Invest-Gate reports.
As part of the IPO preparation, the Saudi oil company finalized with Anglo-Dutch multinational oil and gas company Royal Dutch Shell the execution of definitive agreements to separate and transfer the assets, liabilities, and businesses of the Motiva Enterprises LLC joint venture on March 7, according to a released statement.
“Our longstanding investment in the United States is continuing to evolve and strengthen,” Saudi Aramco’s President and CEO Amin Nasser said. “We view this transaction as a positive outcome of the strong and historic business of Saudi Aramco in the US, and we see next steps to support Motiva in its ongoing role as a major refiner and top provider of refined products and derivatives in the US,” Nasser added.
Saudi Aramco’s subsidiaries and affiliates have operated in the US for more than 60 years. They are a contributor to the US energy sector through employment as well as partnerships with energy peers, oil services companies, in addition to joint industry and academic collaborations.
“Everything is going very smoothly. We are evaluating different stock exchanges. There is a lot of work which is ongoing, but everything is going as planned,” Nasser said in his address to the Middle East Oil & Gas Show and Conference 2017 currently being held in Sanabis, Bahrain. The conference is running from March 6 to March 9. The IPO is one of the pillars of the Saudi government’s “Vision 2030” to diversify its economy, rather than its dependence on oil.