RIYADH – The attack is a major test for Saudi Arabia as it could dampeninvestor confidence in Aramco’s upcoming two-stage initial public offering(IPO), a mammoth listing that the government hopes will generate up to $100billion.
Saudi authorities are considering whether to delay an IPO for the oilgiant, people with knowledge of the matter said.
“They’re in the process of assessing the damage. It’s a possibility butit’s still very early,” said one of the sources who spoke on condition ofanonymity.
The IPO, earlier scheduled for 2018, has already been mired in delays as itreportedly struggled to reach a $2 trillion valuation desired by Saudirulers.
Saudi authorities have sought to calm jittery markets, with the EnergyIntelligence specialist newsletter citing industry sources as saying Aramcowas “close to restoring as much as 40 percent” of the lost production, orabout 2.3 million barrels per day (bdp).
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The Wall Street Journal cited people familiar with the damage estimates assaying the targeted facilities would take weeks to return to fullproduction capacity.
The real extent of the damage at the facilities however remains unclear.
All eyes are on official word from the Saudis on the situation, which couldoffer reassurance to world markets. -APP/AFP
