• Saudi Aramco IPO scaled back in international reach

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      Patrick Lavery

      Combustion Industry News Editor

In a further update to the initial public offering of shares (stocks) in Saudi Aramco, officials from the company have announced that 1.5% of the company will be offered for sale at a price of between 30-32 riyals (€7.24-7.72/US$8-8.53) per share. If all shares sold for around this price, it would raise US$24-$25.6 billion for the country, only a quarter of the original target of US$100 billion, but still considerable. The report in the Financial Times also noted that the company will not put as much effort into selling the shares internationally as previously intended, with interest said to be lukewarm in countries such as the US and Japan. Domestic investors will thus be more the target market for the sale, though some international sales are still expected.