You may know oil giants TOTAL, ExxonMobil or even GazProm. But do you know Saudi Aramco, the world’s top oil producer?
ARAMCO stands for Arabian American Oil Company. It was created in 1933 in partnership with the USA. The national company employs over 65,000 people and in 2015 produced over 10.25 million barrels a day, twice more than Russian Rosneft (no. 2 worldwide).
The world’s biggest IPO
This pillar of Saudi economy is in the midst of an economic transformation today.
Aramco’s initial public offering is planned for 2018 and it should raise capital and feed the Saudi sovereign wealth fund up to 2,000 billion dollars. By 10 years, Aramco should sell 49% of its capital.
This fund, like the Qatari or Norwegian model, will be dedicated to investments in technologies and other budding sectors to ensure a transition into the post-oil economy, according to the national plan Vision 2030.