Saudi Aramco lists RIL investment, expansion in India in monster IPO prospectus

Agencies
November 11, 2019

Riyadh, Nov 11: Saudi Aramco launched has its prospectus for the worlds biggest IPO with a potential largest ever company valuation of estimates ranging wildly from $1.2-2.3 trillion, with an India angle-acquiring 20 per cent in Reliance Industries Limited (RIL) oil to chemicals business and an expansion of its upstream business in high growth markets.

In the 658 page prospectus launched on Sunday, Saudi Aramco highlighted its proposed investments in RIL in the column for proposed acquisitions

"The Company has recently entered into non-binding agreements regarding the expansion of its downstream business in Asia, including entering into a non-binding letter of intent with Reliance Industries Limited on August 12, 2019 to purchase a 20 per cent stake in its oil to chemicals division," it said.

In addition, Aramco will be expanding into India among the high growth markets as a key growth strategy.

"Furthermore, the Company intends to enhance its domestic and global marketing businesses to support the position of its upstream business in key, high-growth geographies, including China, India and Southeast Asia, which are integral to the Company's existing business and future expansion strategy."

Saudi Aramco has issued the prospectus for its initial public offering (IPO) on the Saudi Stock Exchange (Tadawul).

Saudi Aramco, the world's largest integrated oil and gas company, is wholly owned by the government of the Kingdom of Saudi Arabia. It is the most profitable company in the world and its valuation at the upper end of the range of $2 trillion which Crown Prince Mohammed bin Salman has been targeting to be the double that of Microsoft, the most valuable company in the world and seven times that of Exxon Mobile, the most valuable oil company.

The largest IPO has been $25 billion and the Aramco IPO size would depend on the number of shares and price.

The company's crude oil production accounted for approximately one in every eight barrels of crude oil produced globally from 2016G to 2018G.

Aramco said that it has high operating cash flow, Free Cash Flow, EBIT, EBITDA and Return on Average Capital Employed (ROACE) than each of the five major international oil companies -- collectively, the "Five Major IOCs", comprising ExxonMobil, Shell, Chevron, Total and BP.

The prospectus also said that it has a lower gearing (ratio of net debt (total borrowings less cash and cash equivalents) to net debt plus total equity) than each of the Five Major IOCs.

Amin H. Nasser, President and CCEO of Saudi Aramco, said: "Saudi Aramco's vision is to be the world's pre-eminent integrated energy and chemicals company. Over the last three years, we were responsible for one in every eight barrels of crude oil produced globally and our proved liquids reserves, at the end of 2018, were five times larger than the combined proved liquid reserves of the Five Major IOCs. We are a steadfast contributor to the world's energy security."

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
February 28,2020

Riyadh, Feb 28: Saudi Arabia on Thursday (Feb 27) suspended visas for visits to Islam's holiest sites for the "umrah" pilgrimage, an unprecedented move triggered by coronavirus fears that raises questions over the annual hajj.

The kingdom, which hosts millions of pilgrims every year in the cities of Mecca and Medina, also suspended visas for tourists from countries with reported infections as fears of a pandemic deepen.

Saudi Arabia, which so far has reported no cases of the virus but has expressed alarm over its spread in neighbouring countries, said the suspensions were temporary. It provided no timeframe for when they will be lifted.

"The kingdom's government has decided to take the following precautions: suspending entry to the kingdom for the purpose of umrah and visit to the Prophet's mosque temporarily," the foreign ministry said in a statement.

"Suspending entry into the kingdom with tourist visas for those coming from countries, in which the spread of the new coronavirus (COVID-19) is a danger."

The move comes as Gulf countries implement a raft of measures, including flight suspensions and school closures, to curb the spread of the disease from people returning from pilgrimages to Iran.

Even as the number of fresh coronavirus cases declines at the epicentre of the disease in China, there has been a sudden increase across the Middle East.

Since its outbreak, the United Arab Emirates has reported 13 coronavirus cases, Kuwait has recorded 43, Bahrain has 33 and Oman is at four cases.

Iran has emerged as a major hotspot in the region, with 19 fatalities from 139 infections - the highest death toll outside China, where COVID-19 originated.

While no cases have been reported in Saudi Arabia, one citizen is reported to be infected in Kuwait along with four Saudi women in Bahrain - all of whom had returned from Iran.

'UNPRECEDENTED' MOVE

The umrah, which refers to the Islamic pilgrimage to Mecca that can be undertaken at any time of year, attracts millions of devout Muslims from all over the globe each year.

There was no clarity over how the move would affect the annual hajj pilgrimage due to start in late July.

Some 2.5 million faithful travelled to Saudi Arabia from across the world to take part in last year's hajj - one of the five pillars of Islam.

The event is a key rite of passage for Muslims and a massive logistical challenge for Saudi authorities, with colossal crowds cramming into relatively small holy sites.

"This move by Saudi Arabia is unprecedented," Ghanem Nuseibeh, founder of London-based risk consultancy Cornerstone Global Associates, told news agency.

"The concern for Saudi authorities would be Ramadan, which starts at the end of April, and hajj afterwards, should the coronavirus become a pandemic."

The holy fasting month of Ramadan is considered a favourable period by Muslim pilgrims to perform the umrah.

Saudi Arabia's custodianship of Mecca and Medina - Islam's two holiest sites - is seen as the kingdom's most powerful source of political legitimacy.

But a series of deadly disasters over the years has prompted criticism of the Sunni kingdom's management of the pilgrimage.

In September 2015, a stampede killed up to 2,300 worshippers - including hundreds of Iranians - in the worst disaster ever to strike the pilgrimage.

The pilgrimage forms a crucial source of revenue for the government, which hopes to welcome 30 million pilgrims annually to the kingdom by 2030.

De facto ruler Crown Prince Mohammed bin Salman's Vision 2030 reform plan seeks to shift the economy of Saudi Arabia - the world's top crude exporter - away from oil dependency towards other sources of revenue, including religious tourism.

Comments

Whether this virus is also created by Allah the powerful? If yes then Muslims need not fear, they should continue to go the Mecca, on the Non-muslims should fear because allah hates them. &

 

And if the Virus not created by Allah, then Who created it?  Is there anyone else other than Allah?

 

You Fool Go-vind...there is no logic in your statement.

will you touch burning fire for 2 min if you are fearless...foolish right

 

GOD is not magic...its logical

 

God never helped any Human beigh with magic to conver to his religion,

he would have done then all will be worshipping him alone..

 

this is test for all human being

 

he created all human beign and he loves every human being but he loves only those who good to another human.

 

screem how ever you want..but muslim population will increase 100%.

please check your health before cursing other.

 

So-called powerfull GOD saved all human beign when they sincierly prayed also you.

 

the more you hate ISLAM the more it become powerful.

 

HINUD is not religion but it is geographical name

RAM is not god but he is king of ayodya same human beign

Phophet Mohammed Pbuh is not GOD but he is messanger of GOD

Veda says na thasya parathima asti- there is no image of GOD but you make some photo and worship.

the biggest sin in front of GOD which will never be forgiven is  worshipping Idol.

God is one not multi...if god is mutli then there is no meaning in justics

 

Love human being automatically God loves you

 

 

Govind
 - 
Friday, 6 Mar 2020

Fools.. Why they fear virus. If somebody ask them, they say we have fear only on Allah. They should go there.. they should be infected and population should decease. Let their so-called powerful god save them

Logical Indian
 - 
Friday, 6 Mar 2020

Muslims fear only Allah and no body else. then why this fear for the virus. They should trust allah fully and allow pilgirms. "Allah o akbar"

Abdul Rahman
 - 
Friday, 28 Feb 2020

Mecca to b spelled Makkah.

Makkah is the correct spelling

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Saudi Gazette
May 27,2020

Riyadh, May 27: Following the announcement of easing of lockdown measures, which includes reopening of all mosques for daily congressional as well as Friday prayers across the Kingdom except the holy city of Makkah, the Ministry of Islamic Affairs, Call and Guidance has set mandatory guidelines.

In a circular issued to mosque staff, Minister of Islamic Affairs, Call and Guidance Sheikh Abdullatif Al-Asheikh has instructed that all mosques must comply with the following precautionary measures and instructions:

1. Open mosques 15 minutes before the Adhan and close them 10 minutes after prayer

2. Reduce the waiting period between the Adhan and Iqamah to 10 minutes

3. Open windows and doors from entering time to the end of the prayer

4. Remove copies of Holy Qur’an and other books temporarily from mosques

5. Ensure attendees keep a distance of two meters between each other

6. Ensure one space is left between each row

7. Close all water coolers and refrigerators

8. Do not allow distribution of water or food in mosques

9. Close toilets and places of ablution

Precautionary measures on Friday prayers are as follows:

1. Open mosques 20 minutes before Friday prayer and closing them 20 minutes after prayer.

2. Friday sermon with prayer should not exceed 15 minutes.

The circular also stipulates to keep the suspension of the religious courses, programs and lectures, as well as the memorizing Holy Qur'an sessions in the mosques and to continue education and lectures remotely until further notice.

The circular pointed out that the imams of mosques should urge the worshipers to take the following precautionary measures:

1. Wear a face mask

2. Bring their own prayer rugs and not leave them after the prayer

3. Prevent accompanying children under 15 years of age from entering mosques

4. Perform ablution at home

5. Avoid crowding when entering or exiting mosques

Meanwhile, the spokesman of the Ministry of Interior clarified later in the day that people are allowed to perform congressional prayers in their locality during the time of curfew.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
May 7,2020

A patient in hospital with Covid-19 has given birth to a healthy baby boy in Dubai.

The 25-year-old Indian was admitted to Al Zahra Hospital after testing positive on May 2.

Although the baby was not due to arrive until May 19, the woman went into labour three days later and delivered a healthy boy weighing 3.8kg.

The parents are yet to name the child, who has also been tested for the virus.

“When we first received the Covid-19 positive diagnosis, we were afraid for the health of both my wife and the baby,” said the boy’s father, who did not want to give his name.

“Thankfully with the help of the doctors and nurses at Al Zahra Hospital, my son was born with no complications and my wife remains in stable condition.

“We couldn’t be more grateful.”

Despite arriving two weeks early, both mother and child are doing well but will only be allowed to leave the hospital to return to their home in Dubai after they return three negative tests on the trot.

“The contractions started very suddenly and it all happened very quickly,” said Al Zahra Hospital nursing director Maysoon Yousef.

“The delivery took about 10 to 15 minutes which is something we do not see very often.

“There were no complications and both the mother and baby are in good condition.”

Strict measures are in place to ensure hygiene for those inside the hospital, as well as visitors.

The new mum and her son are in the same room as the baby needs to be nursed.

According to the Centres for Disease Control and Prevention, a US national public health institute, there is no evidence that suggests the virus can be transmitted through breastfeeding.

New mothers infected with the virus should wear a mask, wash their hands before and after touching the baby.

“We operate by the latest Covid-19 international and local guidelines when it comes to the management of our maternity patients and otherwise,” said Dr Ghassan Lutfi, head of obstetrics and gynaecology at the hospital.

“We take strict measures to guarantee that there is no risk of cross contamination and that all our patients are in safe hands.”

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.