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RBC Capital Markets: Aramco's shake-up aims to accelerate the initial public offering



The change of Chairman of the oil giant Saudi Aramco paves the way for a quick listing of the world's largest oil company, as Saudi Arabian Crown Prince Mohammed bin Salman wishes, told Helima Croft of RBC Capital Markets CNBC on Tuesday with

Saudi Arabia. Arab energy minister Khalid al-Falih has lost his role as chief executive officer of Saudi Aramco, al-Falih said on Twitter on Twitter.

Saudi Arabia will divide its Energy, Industry and Mining Ministries, with current Minister al-Falih continuing to lead the energy policy. Industry and mining will have the privilege of a new minister to run a new ministry.

Al-Falih will step down as chairman of Aramco's attempt to avoid a conflict of interest in advance. eagerly awaited IPO. Now Aramco is officially separated from the Department of Energy.

The change in Aramco's leadership to the Public Investment Fund's "is that Mohammed bin Salman takes control of Aramco and they really support the IPO again on a very fast timetable," Croft told CNBC.

The general shock at the Department of Energy and Mining and Aramco signals that the Saudi leadership wants a quick IPO, and people who support the process greatly added Croft.

Related: Wall Street Prepares for Onslaught of Oil and Gas Bankruptcies

I think that has given the leadership the feeling that they are capable of doing so is, "she said.

Aramco is ready for listing, but it will be the only shareholder of the company, the Kingdom of Saudi Arabia, who will decide when the IPO will take place, the world d's largest oil production company announced last month.

Originally announced in 201

6, Saudi Aramco's plans for listing had to face several delays and pitfalls, including a $ 2 trillion estimate of Saudi Arabia's seized oil reserves and the international venue for the IPO ,

Mohammed bin Salman is reportedly still maintaining the notion that Saudi Aramco's value should be $ 2 trillion, while analysts remain skeptical that the world's largest oil company really is worth so much.

By Tsvetana Paraskova for Oilprice.com

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