Aramco’s bond is ‘only the beginning’, Saudi energy minister says

Saudi Minister of Energy Khalid al-Falih speaks during financial sector conference in Riyadh, Saudi Arabia on April 24, 2019.Saudi Aramco, the world’s biggest oil producer, will remain active in the debt markets after its debut $12 billion bond earlier this month, which was “only the beginning,” Saudi Energy Minister Khalid al-Falih said on Wednesday.

Many saw the debt deal as a relationship-building exercise with international investors ahead of Aramco’s planned initial public offering, aimed at raising money for the government as Saudi Arabia looks to cut its budget deficit and diversify its economy.Saudi officials have said the new planned listing date is 2021, but Falih told the conference on Wednesday that the share sale “could slip or come forward a little bit.

The bond came on the heels of Aramco’s planned $69.1 billion acquisition of a 70 per cent stake in petrochemicals firm Saudi Basic Industries Corp from the Saudi sovereign wealth fund.

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