Saudi Arabia asks for support against attacks from its facilities


Aramco is on track to regain its maximum oil production capacity of 12 million (bpd) by the end of November, he added.

Crown prince Mohammed bin Salman has previously called for the company to be valued at $2 trillion, setting up Aramco's IPO to be the largest in history.

While Aramco is the world's most lucrative company and produces about 10 per cent of the world's oil, it also carries bigger risks, as illustrated by the drone and missile strike on key facilities in September.

The Aramco IPO was delayed in 2018, reportedly over Saudi officials' concerns about public scrutiny of the company's finances, the Wall Street Journal said. The government wants Aramco's IPO to achieve a $2 trillion valuation, however, the downgrade of its credit rating could put a shadow on these plans.

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The CEO of the world's largest oil company expressed his concern over an "absence of global resolve" against the perpetrators of September 14 drone and missile attacks on Aramco facilities that forced the company to shut down half of its production and sent crude prices up almost 20%.

On September 14, multiple drones targeted Saudi Aramco's Abqaiq and Khurais oil processing facilities, cutting Riyadh's daily net oil output in half and leading to the suspension of the production of some 5.7 million barrels of oil per day.

Aramco is poised to release its prospectus October 25 in Arabic, and follow up with an English version two days later, sources told WSJ.

"You heard the minister of foreign affairs and I think he spoke enough about [where] the attacks [are] coming from". Aramco earlier announced plans to sell between 1 and 2 percent of the company in a local stock market listing, with more share sales possible internationally at a later date. "It's instigated by Iran for sure, there's no doubt". However, both the Saudis and the USA have blamed Iran.