{"id":17524,"date":"2019-11-03T15:32:32","date_gmt":"2019-11-03T15:32:32","guid":{"rendered":"https:\/\/www.africa-press.com\/nigeria\/?p=17524"},"modified":"2019-11-03T15:32:32","modified_gmt":"2019-11-03T15:32:32","slug":"while-nnpc-lags-its-saudi-counterpart-aramco-prepares-for-worlds-biggest-ipo","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/all-news\/while-nnpc-lags-its-saudi-counterpart-aramco-prepares-for-worlds-biggest-ipo","title":{"rendered":"While NNPC lags, its Saudi counterpart, Aramco prepares for world\u2019s biggest IPO"},"content":{"rendered":"<p>Saudi\u2019s equivalent of the Nigerian National Petroleum Corporation (<a href=\"https:\/\/www.nnpcgroup.com\/Pages\/Home.aspx\">NNPC<\/a>) \u2013 which happens to be the world largest oil exporter \u2013 <a href=\"https:\/\/www.saudiaramco.com\/\">Saudi Aramco<\/a> is finally ready to kick start what could be the world\u2019s biggest initial public offering (IPO) at the Saudi Stock Exchange, Tadawul.<\/p>\n<p>The plan was announced by Aramco\u2019s Chairman and governor of the Public Investment Fund, Yasser al-Rumayyan in a conference on Sunday in Riyadh.<\/p>\n<p>This is coming three years after Saudi Crown Prince Mohammed bin Salman first raised the idea, and just three weeks after a plan to launch the share sale was abruptly jettisoned.<\/p>\n<p>The number and percentage of Aramco shares to be sold through the IPO will be determined at the end of the company\u2019s book-building period and trading is likely to start in December 2019.<\/p>\n<p>Saudi Aramco, which pumps 10% of the world\u2019s oil generated the most profit of any corporation last year with a net income of $111 billion \u2013 more than Apple Inc, Alphabet Inc (Google\u2019s parent company), and Exxon Mobil Corporation put together.<\/p>\n<p>The company\u2019s expected valuation is between $1.6 trillion and $1.8 trillion.<\/p>\n<p>The sale is part of plans by the Crown Prince\u2019s Vision 2030 to overhaul the Saudi economy and end the kingdom\u2019s dependence on oil exports.<\/p>\n<p>While Aramco is setting the pace, NNPC still wallows in consecutive losses.<\/p>\n<p>NNPC budgeted expenditure in 2018 increased by 28.75% trillion to N4.87 trillion \u2013 from an initially planned expenditure of N3.78 trillion.<\/p>\n<p>Despite the increase,\u00a0<a href=\"https:\/\/www.ripplesnigeria.com\/tag\/NNPC\/\">NNPC<\/a>\u00a0still recorded a 1.79% drop in revenue from projected N5.04 trillion to N4.95 trillion.<\/p>\n<p>Six subsidiaries and NNPC\u2019s CHQ made a cumulative loss of N352 billion, with the CHQ being the biggest cost centre of the oil corporation with N158.7 billion.<\/p>\n<p>Only NPDC, NGC, and PPMC were profitable in 2018 financial year, with N301.88 billion, N58.6 billion, and N36.1 billion respectively.<\/p>\n<div class=\"abh_box abh_box_down abh_box_fancy\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Saudi\u2019s equivalent of the Nigerian National Petroleum Corporation (NNPC) \u2013 which happens to be the world largest oil exporter \u2013 Saudi Aramco is finally ready to kick start what could be the world\u2019s biggest initial public offering (IPO) at the Saudi Stock Exchange, Tadawul. The plan was announced by Aramco\u2019s Chairman and governor of the [&hellip;]<\/p>\n","protected":false},"author":62,"featured_media":17525,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,29],"tags":[1108,434,570],"class_list":{"0":"post-17524","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-all-news","8":"category-economy","9":"category-head-lines","11":"tag-nnpc","12":"tag-saudi-arabia"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>While NNPC lags, its Saudi counterpart, Aramco prepares for world\u2019s biggest IPO - Nigeria<\/title>\n<meta name=\"description\" content=\"Saudi\u2019s equivalent of the Nigerian National Petroleum Corporation (NNPC) \u2013 which happens to be the world largest oil exporter \u2013 Saudi Aramco\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/all-news\/while-nnpc-lags-its-saudi-counterpart-aramco-prepares-for-worlds-biggest-ipo\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"While NNPC lags, its Saudi counterpart, Aramco prepares for world\u2019s biggest IPO\" \/>\n<meta property=\"og:description\" content=\"Saudi\u2019s equivalent of the Nigerian National Petroleum Corporation (NNPC) \u2013 which happens to be the world largest oil exporter \u2013 Saudi Aramco\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/all-news\/while-nnpc-lags-its-saudi-counterpart-aramco-prepares-for-worlds-biggest-ipo\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2019-11-03T15:32:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/2019\/11\/image1-21.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"650\" \/>\n\t<meta property=\"og:image:height\" content=\"350\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"alico\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"alico\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/while-nnpc-lags-its-saudi-counterpart-aramco-prepares-for-worlds-biggest-ipo#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/while-nnpc-lags-its-saudi-counterpart-aramco-prepares-for-worlds-biggest-ipo\"},\"author\":{\"name\":\"alico\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/50afd2ef4f0e900bd0a176404a8484a7\"},\"headline\":\"While NNPC lags, its Saudi counterpart, Aramco prepares for world\u2019s biggest IPO\",\"datePublished\":\"2019-11-03T15:32:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/while-nnpc-lags-its-saudi-counterpart-aramco-prepares-for-worlds-biggest-ipo\"},\"wordCount\":315,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/while-nnpc-lags-its-saudi-counterpart-aramco-prepares-for-worlds-biggest-ipo#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/2019\/11\/image1-21.jpg\",\"keywords\":[\"economic growth\",\"NNPC\",\"Saudi arabia\"],\"articleSection\":[\"all news\",\"Economy\",\"head lines\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/all-news\/while-nnpc-lags-its-saudi-counterpart-aramco-prepares-for-worlds-biggest-ipo#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/while-nnpc-lags-its-saudi-counterpart-aramco-prepares-for-worlds-biggest-ipo\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/while-nnpc-lags-its-saudi-counterpart-aramco-prepares-for-worlds-biggest-ipo\",\"name\":\"While NNPC lags, its Saudi counterpart, Aramco prepares for world\u2019s biggest IPO - 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