Economy

Several Asian refiners to get full Saudi oil supplies in November

Several Asian refiners to get full Saudi oil supplies in November”

The attacks on Saudi Arabia's oil facilities last month are expected to impact economic growth this year, the World Bank said in a report.

The crown prince has indicated that he wants a valuation of $2 trillion, though analysts and Aramco officials have valued Aramco at closer to $1.5 trillion.

Saudi Aramco CEO Amin Nasser said Wednesday the drone attacks to Saudi oil facilities didn't affect plans for an initial public offering (IPO), but inaction on an global level to deal with the attacker may feed further threats, Kallanish Energy reports.

Nasser called the mid-September strikes on Aramco facilities "an attack on the global economy", and not only on Saudi Arabia, and, in a possible dig at United States allies, complained about "an absence of worldwide resolve to take concrete action", which he said "may embolden the attackers and indeed put the world's energy security at greater risk".

The September 14 incident slashed Saudi Arabia's production by 5.7 million b/d, but the country's energy minister said last week that production was restored to pre-attack levels of around 9.9 million b/d, with oil output capacity returning to 11.3 million b/d.

Workers are seen at the damaged site of Saudi Aramco oil facility in Abqaiq, Saudi Arabia, September 20, 2019. "It's instigated by Iran for sure, there's no doubt", Nasser said. Riyadh blamed Tehran. Iran, which supports the Houthis in Yemen's war, has denied any involvement.

Yemen's Houthi revolutionary on Saturday took in charge of the attacks, saying 10 drones aimed state-owned Saudi Aramco oil provision in Abqaiq and Khurais, as claimed by the Houthi-run Al-Masirah news agency.

Nasser added that the attacks had no effect on Aramco's revenues because the company continued to supply customers as planned.

"We estimate the attack will have a very limited impact on Saudi Aramco's operational and financial performance in 2019", Fitch said. Earlier, sources told Reuters that IPO prospectuses may be released on October 25 and 27, in Arabic and English.

Saudi Arabia is pressing ahead with plans to sell between 1% and 2% of Aramco through a local listing, which might be followed by additional share sales internationally.



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