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RBC Capital Markets: Aramco Shake-Up aims to accelerate IPO



The change of oil giant Saudi chairman Aramko is paving the way for a quick follow-up to the list of the world's largest oil companies, as Saudi Arabia's heir Mohammed bin Salman wants, Helmut Croft of RBC Capital Markets told CNBC on Tuesday.

Saudi Energy Minister Khalid al-Falih has lost his role as chairman of the board of Saudi Aramko, Al-Falih reported on Twitter on Monday amid a broader shake-up of Saudi Arabia's key energy roles.

Saudi Arabia will split the Ministry of Energy, Industry and Mining, with current Minister al-Falih remaining at the forefront of energy policies. Industry and mining will be the prerogative of a new minister to head a new ministry.

Al-Falih will step down from his role as chairman in Aramco's attempt to avoid conflicts of interest in the group until its much-expanded, much-anticipated IPO. Aramco will now be formally separated from the Ministry of Energy.

The move to Aramco's leadership with the head of the Public Investment Fund "is due to Mohammed bin Salman taking control of Aramco and backing him for an IPO at a very fast schedule," Croft told RBC told CNBC.

A broader shake-up at the Department of Energy and Mines and at Aramco signals that the Saudi leadership wants an IPO quickly and wants people who are very supportive of the process, Croft added.

Related: Wall Street Gears Up for Oil and Gas Bankruptcy Invasion

"Now there is a sense of urgency and the fact that the bond issue went better than expected,

Aramco is ready to be listed, but the sole shareholder of the company, the Kingdom of Saudi Arabia, will decide when an IPO will take place, Worl [1

9659002] Initially announced in 2016, plans for Saudi Aramko's roster are facing many delays and various obstacles, including an estimate of the $ 2 trillion the Saudis are hoping for, the Saudi estimate of the Arabian Oil reserves being kept secret, and the international IPO site.

Mohammed bin Salman reportedly still holds on to the idea that Saudi Aramco should be valued at $ 2 trillion, while analysts remain skeptical that the world's largest oil company is really worth that much.

By Tsvetana Paraskova for Oilprice.com

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