Saudi state oil giant Aramco unveiled the prospectus for its initial public offe...
RIYADH - Saudi state oil giant Aramco unveiled the prospectus for its initial public offering on Saturday, laying out the main material risks that may adversely affect the company’s business or its financial position.
Aramco is the world’s largest oil producer, pumping 10% of global supply, and its most profitable. Weaker oil prices cut its first half net profit by 12% to $46.9 billion this year, but the figures still overshadowed Apple Inc, the world’s most profitable listed company, which made $31.5 billion.
Aramco’s operations may be affected by decisions regarding output levels made by the kingdom as a member of the Organization of the Petroleum Exporting Countries , or by other producing states. Aramco’s financial position may be adversely affected if the kingdom stops pegging its currency, the riyal, to the U.S. dollar.Aramco does not insure against all risks and its insurance may not protect it against liability from all potential events including major crude oil spills, environmental disasters, terrorist attacks or acts of war.Aramco has been subject to significant litigation, including allegations of violations of antitrust laws partially arising from the kingdom’s OPEC membership.
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