Attacks on Saudi Oil Plants Risk Lowering Aramco IPO Valuation
- Riyadh listing may be delayed, according to Al Dhabi Capital
- Ongoing attacks would make IPO impossible, says Qamar Energy
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As bankers discussed Saudi Aramco’s initial public offering at the Ritz Carlton hotel in Dubai last week, a drone attack was being planned to hit the heart of its operations over the weekend. It caused Saudi Arabia to halve its oil output and may cut the valuation of Aramco’s milestone deal.
The giant oil producer has accelerated preparations for a share sale that could happen as soon as November in Riyadh. Dozens of bankers from Citigroup Inc. to JPMorgan Chase & Co. met last week to work on the deal, with analyst presentations scheduled for Sept. 22, people familiar with the matter have said.