Saudi Aramco oil privatisation

This 1 February 2017 video says about itself:

Saudi oil minister welcomes Trump era – BBC News

Saudi Oil Minister Khalid al-Falih has told the BBC’s Chief International Correspondent Lyse Doucet he is pleased that US President Donald Trump plans to pursue a more fossil fuel-oriented energy policy. He insisted he was unconcerned by Mr Trump’s promise to pursue energy independence and said Saudi Arabia had invested billions of dollars in the American oil industry.

Khalid al-Falih was one of few Saudi ministers who was not a prince. Recently, Khalid al-Falih was sacked and replaced by a royal. Breaking with tradition that the Saudi oil ministry was one of few top-level jobs where you did not have to be a royal dynasty member to qualify.

Translated from Dutch NOS TV today:

The largest oil company in the world is privatised. Saudi Aramco, accounting for ten per cent of global oil production, will start issuing shares …

The Saudis hope to attract many billions with the Initial Public Offering. The ruler in Saudi Arabia, crown prince Mohammed bin Salman, wants to use the money for a new investment fund …

Saudi Arabia has a high unemployment rate of more than ten per cent.

Also translated from Dutch NOS TV today:

Saudi Aramco is certainly doing everything it can to attract new shareholders. Allegedly it would like to pay out $ 75 billion a year in dividends. That too is a record. …

Measures taken by the company to combat greenhouse gas emissions, on the other hand, are limited.

In 2017, the company installed the first windmill in Saudi Arabia. In their own words, the capacity equals that of 18,000 barrels of oil per year. If oil production is running at full speed, Saudi Aramco sells around 12 million barrels per day. That is more than 243,000 times as much. ..

Saudi Arabia regularly receives strong criticism of its human rights policy. A little over a year ago, the Saudi journalist Jamal Khashoggi disappeared. He regularly criticized the government and was murdered and cut to pieces at the Saudi consulate in Istanbul. …

According to Evert Hassink of the Fair Banking and Insurance Guide, this disappearance shows what kind of regime Saudi Arabia has. A regime that also makes victims in Yemen. “The money that comes from this IPO goes either into oil production or into the Saudi state treasury,” says Hassink. Which, according to him, finances the war in Yemen.

3 thoughts on “Saudi Aramco oil privatisation

  1. Pingback: Saudi military officer murders United States colleagues | Dear Kitty. Some blog

  2. Pingback: Saudi Arabia, austerity and rising taxes | Dear Kitty. Some blog

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