For the first time the managers of Saudi Aramco, Saudi Arabia's oil giant, held a conference call with investors. It was an opportunity to provide official numbers on the energy giant's profits and investments, but also the first step on the road to the IPO of the century, which, according to what was anticipated by the oil minister, Khaid Al Falih , is scheduled for 2020 (or for 2021).
The state group of Riyadh, the world's leading oil producer, closed the first half with a net income of $46,9 billion, a result down by 12% compared to the 53 billion recorded in the same period last year.
Also in the first half of 2019, the total revenues, which also includes sales figures, were $163,88 billion, down from $167,68 billion a year earlier, due to lower oil prices and reduced production.
Saudi Aramco had disclosed the quarterly accounts for the first time last April, ahead of a $12 billion bond sale. In all, in recent months the group placed bonds for 100 billions of dollars.
The announced Ipo of a share of Aramco, set to become the largest in history, has been repeatedly postponed and rumors abounded that it had been shelved, but the company's management has repeatedly said it could sell shares in 2020 or 2021.
Saudi Aramco has also agreed to acquire a stake in the 20% of India's Reliance Industries refining assets of approximately $15 billionincluding debt. A move that would help the group combine its huge crude output with refining capacity. The deal would represent one of Aramco's largest forays overseas. The deal was confirmed by the head of Indian conglomerate Reliance who said it had agreed to sell 20% of its refining and chemicals assets to Aramco.
