The attack on one of the world's largest crude oil processing plants is the most visible sign yet of how Aramco's stability and security is directly linked to that of its owner — the Saudi government and its ruling family.
The weekend drone attack on one of the world's largest crude oil processing plants that dramatically cut into global oil supplies is the most visible sign yet of how Aramco's stability and security is directly linked to that of its owner — the Saudi government and its ruling family.
The plan to list part of Aramco is key to Crown Prince Mohammed bin Salman's economic diversification efforts that are aimed at preparing the kingdom for a future less reliant on oil exports for revenue. The attacks targeted Abqaiq processing facility and the Khurais oil field. Abqaiq is home to the world's largest oil processing facility and crude oil stabilization plant, where oil is made safe for transport on ships.
Aramco CEO Amin Nasser was quoted in the brief statement as saying work was under way to restore production and a progress update would be provided in around 48 hours. The Wall Street Journal cited Saudi officials as saying a third of output would be restored on Monday, but a return to full production may take weeks.
Hari said potential investors in Aramco are going to be looking at the company's transparency and communication practices in this current crisis. The Saudi crown prince has set Aramco's valuation at around $2 trillion, but many estimates put it at closer to $1.5 trillion.
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