Saudi Aramco privatisation plans shock oil sector | Business | The Guardian:
"Saudi Aramco, the world’s biggest oil producer, is studying plans to privatise some of its subsidiaries as well as offering shares in the main business.
The news follows comments made by Deputy Crown Prince Mohammed bin Salman on Thursday that he supported the trillion-dollar company being prepared for an initial public offering (IPO). If the float goes ahead it will be the world’s most valuable quoted company, dwarfing Apple, Exxon and Google.
The moves have astonished the oil sector and led to speculation about whether a share float would change the Saudi strategy of driving down oil prices by refusing to cut back on production."
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Friday 8 January 2016
A vote for Brexit is a leap into the abyss - FT.com
A vote for Brexit is a leap into the abyss - FT.com:
"The year 2016 will see the UK’s “renegotiation” of its relationship with the EU. It is also likely to be the year of the subsequent referendum. Indeed, the latter might occur in the early summer. David Cameron, UK prime minister, is clearly right on one point: “This is perhaps the most important decision the British people will have to take at the ballot box in our lifetimes.” Here then are seven points about that strategically vital decision.
First, the renegotiation and the referendum are an unnecessary irritant, but one with potentially serious consequences. No change in the UK’s relationship with the EU was in the offing. The sensible thing for a Conservative would have been to let this sleeping dog lie. The prime minister did not do this, for reasons of internal party management. Now we have to live with the results."
'via Blog this'
"The year 2016 will see the UK’s “renegotiation” of its relationship with the EU. It is also likely to be the year of the subsequent referendum. Indeed, the latter might occur in the early summer. David Cameron, UK prime minister, is clearly right on one point: “This is perhaps the most important decision the British people will have to take at the ballot box in our lifetimes.” Here then are seven points about that strategically vital decision.
First, the renegotiation and the referendum are an unnecessary irritant, but one with potentially serious consequences. No change in the UK’s relationship with the EU was in the offing. The sensible thing for a Conservative would have been to let this sleeping dog lie. The prime minister did not do this, for reasons of internal party management. Now we have to live with the results."
'via Blog this'
Too Big to Value: Why Saudi Aramco Is in a League of Its Own - Bloomberg Business
Too Big to Value: Why Saudi Aramco Is in a League of Its Own - Bloomberg Business:
"By any measure, Saudi Arabian Oil Co. is in a league of its own.
Take its oil reserves -- roughly 260 billion barrels, nearly 10 times those of the global ultra-major Exxon Mobil Corp. Or its daily production -- 10 million barrels, more than the domestic output of every U.S. oil company combined.
Which is why the mere suggestion that this state-owned oil giant might go public seems so outlandish. Would the Kingdom of Oil really place its crown jewel in the hands of fickle investors?"
'via Blog this'
"By any measure, Saudi Arabian Oil Co. is in a league of its own.
Take its oil reserves -- roughly 260 billion barrels, nearly 10 times those of the global ultra-major Exxon Mobil Corp. Or its daily production -- 10 million barrels, more than the domestic output of every U.S. oil company combined.
Which is why the mere suggestion that this state-owned oil giant might go public seems so outlandish. Would the Kingdom of Oil really place its crown jewel in the hands of fickle investors?"
'via Blog this'
A New Saudi Arabia Is Suddenly in a Hurry in Era of Cheap Oil - Bloomberg Business
A New Saudi Arabia Is Suddenly in a Hurry in Era of Cheap Oil - Bloomberg Business:
"Saudi Arabia, one of the most tradition-bound societies on the planet, where family structure and tribal patriarchy differ little from a century ago, is suddenly in a hurry. It has done more in the past week than in most years.
Over eight days, it has executed dozens of militants, severed ties with Iran and announced numerous steps for a radical rollback of the state that may include privatizing oil giant Saudi Aramco, among the world’s largest companies.
The flurry of action, a result of tumbling oil prices, shifting U.S. interests and regional upheaval threatening rulers across the Middle East, appears to be the largely the work of Prince Mohammed bin Salman, the 30-something son of King Salman, in office less than a year. And while his ambition to modernize has drawn praise, some fear he is in over his head."
'via Blog this'
"Saudi Arabia, one of the most tradition-bound societies on the planet, where family structure and tribal patriarchy differ little from a century ago, is suddenly in a hurry. It has done more in the past week than in most years.
Over eight days, it has executed dozens of militants, severed ties with Iran and announced numerous steps for a radical rollback of the state that may include privatizing oil giant Saudi Aramco, among the world’s largest companies.
The flurry of action, a result of tumbling oil prices, shifting U.S. interests and regional upheaval threatening rulers across the Middle East, appears to be the largely the work of Prince Mohammed bin Salman, the 30-something son of King Salman, in office less than a year. And while his ambition to modernize has drawn praise, some fear he is in over his head."
'via Blog this'
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