Easwaran Kanason

Co - founder of NrgEdge
Last Updated: October 31, 2018
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Business Trends
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Amid the furore of the Saudi state’s involvement in the assassination of political dissident Jamal Khashoggi, the Kingdom has threatened and then walked back on the possibility of using its oil wealth as a weapon (again). While the global implications and repercussions of the scandal are still unfolding, this has not deterred the Kingdom’s crown jewel Saudi Arabia from forging ahead with an ambitious slate of projects and investments meant to diversify its business and prepare itself an eventual IPO.

We were supposed to be at the cusp of the IPO already. Planned for Q119, a number of factors have led it to be placed on the backburner. The first is Aramco’s planned acquisition of another Saudi powerhouse, petrochemicals producer SABIC. The second is the complications of the plan, which was to dual list in both Riyadh and an international bourse; the London Stock Exchange went as far as to amend its rules to allow the listing of national oil companies, and New York was reportedly also lobbying hard for the IPO. This leads to the third – with the Khashoggi affair still dominating headlines, it would be politically unsavoury to list anytime soon. The project team overseeing the IPO was disbanded in August, suggesting that the IPO was cancelled, but Crown Prince Mohammad bin Salman – or MBS – has promised that it will eventually occur. But perhaps now only after people’s memories have faded.

Meanwhile, Aramco is forging ahead. After creating a network of major downstream investments linking its key markets – the expansion of Port Arthur in the US, the Maharashtra refinery in India, the RAPID refinery in Malaysia and key refining partnerships in China – the firm announced that it had signed 15 Memoranda of Understanding (MoU) valued at over US$34 billion this month. Covering 15 partner firms across 8 countries, the new projects span the entire gamut of the energy industry – spinning out from the recent Davos in the Desert international investment forum in Riyadh . In the Kingdom itself, it is partnering with Total on a major petrochemical expansion in Jubail, as well as potentially establishing a retail service station network. An MoU with Hyundai Heavy Industries on investments in the King Salman International Maritime Complex for Industries and Services at Ras Al Khair was also announced, as well as one with Sumitomo for the upgrade of the PetroRabigh refinery and one with China’s Norinco for general refining and chemicals investment.

A slew of MoUs with upstream service firms was also announced, with Baker Hughes GE, Schlumberger, Halliburton, Oilfield Supply Center and NOV (USA) – useful, given Aramco’s directive to expand upstream domestically and internationally, especially with Kuwait and Saudi Arabia making motions towards settling the management of oil fields in the neutral zone between the two countries. The other partnerships were more specialised, linked to engineering steel, drilling chemicals, thermoplastic pipes and gasification power.

The wide scale of the projects suggest that Aramco sees no reason to decelerate its diversification and global investment drive. Transforming the company into a strong diversified firm away from a crude focus is necessary, not least because it ensures continued outlets for its crude. But also because it will justify the sky-high valuation estimates for the IPO, if it ever happens. But even if it doesn’t, Aramco’s ambitions are undeterred. Their path is forward, and it is ambitious. Political scandals nonewithstanding.

Saudi Aramco’s 15 announced MoU

  • MoU with Total to launch engineering studies to build petrochemical complex in Jubail, Saudi Arabia.
  • MoU with Total regarding the potential establishment of a retail service station network.
  • MoU with Hyundai Heavy Industries regarding potential HHI investments in King Salman International Maritime Complex for Industries and Services at Ras Al Khair.
  • MoU with Baker Hughes GE.
  • MoU with Schlumberger.
  • MoU with Halliburton.
  • MoU with Oilfield Supply Center.
  • MoU with Flex-Steel to invest in RTP reinforced thermoplastic pipe facility.
  • MoU with NPCC (National Petroleum Construction Company, UAE) to invest in a fully integrated fabrication yard and marine base.
  • MoU with SeAH Changwon Integrated Specialty Steel Co. Limited to invest in localization of engineering steel.
  • MoU with GumPro (India) to invest in drilling chemicals facility.
  • MoU with Acwa Power (KSA) and Air Product (USA) regarding the Jazan Refinery gasification power project.
  • MoU with Sumitomo (Japan) regarding potential investments to upgrading PetroRabigh Refinery.
  • MoU with Norinco (China) regarding potential investments in refining and chemicals projects.
  • MoU with NOV (USA) to invest in manufacturing and repair of onshore rigs and equipment.

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