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<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>REUTERS/Ahmed Jadallah</span></p><p class="caption">The Saudi Aramco logo.</p></div><p></p></div></div></p><ul><li><strong>Saudi Aramco, the state-backed Arabian energy company is scheduled to publicly list later this year, <a href="http://markets.businessinsider.com/commodities/oil-price">and is </a>estimated to raise as much as $100 billion from its IPO. </strong></li><li><strong>But the strikes on Arabian oil fields could out the mammoth listing in jeopardy.</strong></li><li><strong>"The attacks came at a sensitive time for Aramco. The company could see its IPO valuation pulled lower as it prepares to go public," says one analyst.</strong></li><li><strong><a href="http://markets.businessinsider.com/commodities/oil-price">Watch oil trade live. </a></strong></li><li><strong><a href="http://markets.businessinsider.com">Visit Markets Insider's homepage for more stories.</a></strong></li></ul><p>Saudi Aramco, the state-backed oil company and the world's largest oil supplier, was scheduled to go public later this year or early 2020. </p><p>This now could be jeopardy. Saudi oil fields that are used by the oil giant were struck by drones - cutting Saudi's oil production in half. </p><p>"It indicates ongoing destabilization to global energy markets and will raise very real concerns about the Aramco IPO," Neil Wilson, chief market analyst at Markets.com, said in an email. </p><p>Ipek Ozkardeskaya, senior market analyst at London Capital Group, said: "The attacks came at a sensitive time for Aramco. The company could see its IPO valuation pulled lower as it prepares to go public."</p><p>Abqaiq, the site of Aramco's largest processing plant which processes about 7% of the world's oil, was hit in the first attack, while the second strike started fires in the Khurais oilfield which produces about 1% of the world's oil.</p><p>Oil prices surged as much as 20% to $71.95 a barrel when trading opened, later settling to just over 8%.</p><p>So far Houthi rebels in Yemen have claim responsibility for the attacks, while the Trump administration is blaming Iran. </p><p>What's clear is that Saudi Aramco's access to key oil fields are massively affected, while short term oil supplies are at risk.</p><p>All this means is that likely, Aramco will have some temporary disruption to its oil supply and will mean a delay in going public. Here is what we know so far about its potential IPO:</p><h2><strong><a href="https://www.businessinsider.com/saudi-aramco-debut-bond-deal-shows-company-is-worlds-most-profitable-2019-4?r=US&amp;IR=T">Aramco is the most profitable company in the world. </a></strong></h2><p>Aramco is practically printing money as according to Moody's it got more than $111 billion in profits last year. That figure would make it more profitable than Amazon, Apple, and Alphabet combined. Moody's said that the company is so profitable because it is "wholly-owned by the state and is expected to remain largely under government ownership even after any potential IPO in the future," adding that "the oil sector also comprises a substantial portion of Saudi Arabia's GDP and dominates its exports."</p><h2><strong><a href="https://markets.businessinsider.com/news/stocks/10-largest-ipos-in-history-ranked-by-total-proceeds-2019-9-1028521587#10-deutsche-telekom-ag1">Its IPO would be the largest on record.</a></strong></h2><p>The oil giant is looking to raise $100 billion from its IPO, which would sward the next biggest IPO, Alibaba's $25 billion. That's because the Saudi officials value the company at around $2 trillion, and want to list about 5% of its stock publicly. </p><h2><strong><a href="https://markets.businessinsider.com/news/stocks/saudi-aramco-considering-two-stage-ipo-snubbing-london-hong-kong-2019-8-1028485542">It's going for a two-stage IPO</a>. </strong></h2><p>It's been reported by the <a href="https://markets.businessinsider.com/news/stocks/saudi-aramco-considering-two-stage-ipo-snubbing-london-hong-kong-2019-8-1028485542">Wall Street Journal</a> that Aramco is looking to go for a two-stage IPO, listing $50 billion on two stock exchanges. The first listing would be on the Saudi Arabian one followed by Tokyo, which has emerged as the front runner due to disruption in London and Hong Kong. </p><h2><strong>It's not just getting its oil from Saudi Aramco.</strong></h2><p>What the attacks have shown is that Saudi and Aramco are both particularly vulnerable to attacks on oil fields. But the attacks themselves won't be debilitating to Aramco itself. Just last month, Aramco managed to secure a $15 billion deal with Asia's richest man for a stake in the world's biggest refinery in India. </p><h2><a href="https://markets.businessinsider.com/news/stocks/saudi-aramco-buys-15-billion-stake-reliance-industries-mukesh-ambani-2019-8-1028437515">That refinery produces roughly 1.2 million barrels a day</a>. </h2><p>Aramco has a deal with Saudi that lets it access the country's oil fields for the next forty years without interruption. </p><p>This year Saudi limited Aramco to 40 years of unrestricted access to its oil supplies. while that may not sound great long-term, Aramco is able to renegotiate that deal later on to extend the deal. Essentially it could easily be for the next half century onwards. </p><h2><strong>Aramco got a lot of interest from investors for its debut bond sale earlier this year. </strong></h2><p>The oil giant wanted $12 billion in investment this year and in return got more than $100 billion in demand as investors looked to capitalize on the state-run company's transparency push ahead of a potential IPO.</p><h2><strong>The company will have some big names helping the IPO.</strong></h2><p>So far its been reported that Aramco hired JPMorgan, Morgan Stanley, and Saudi Arabia's National Commercial Bank for top underwriting spots on the offering. While Dina Powell, a former Trump official has been helping to put Goldman Sachs in the running as well. </p><p> </p><p class="tagline">Get the latest Oil WTI price<a href="http://markets.businessinsider.com/commodities/oil-price?type=WTI"> here.</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/what-happens-two-hurricanes-collide-fujiwhara-effect-2017-9">Here's what happens when two hurricanes collide</a></h3>        <div>                    </div>    </div>

The attack on Saudi oil supplies threatens what could be the world's biggest IPO. Here's what we know about Saudi Aramco.

<p><div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div></p><ul class="summary-list"><li> <strong>Two major Saudi oil refineries were attacked by a <a href="https://www.businessinsider.com/saudi-arabia-oil-aramco-drone-strike-2019-9">10-drone strike claimed by Yemen's Houthi rebel group</a>.</strong></li><li><strong>The smoke from the fires caused by the strikes can be seen in a <a href="http://www.apimages.com/metadata/Index/Saudi-Arabia/637dd67e79174f7bb88290dce2740f6a/1/0">satellite image from NASA Worldview</a>.</strong></li><li><strong>The two oil refineries are run by the <a href="https://www.businessinsider.com/saudi-arabia-oil-aramco-drone-strike-2019-9">world's biggest oil producer, Saudi Aramco</a>. The destruction could have a <a href="https://www.cnbc.com/2019/09/14/us-blames-iran-for-drone-strikes-on-saudi-oilfield.html">detrimental effect on the world's energy supply</a>. </strong></li><li><strong><a href="https://www.businessinsider.com/?hprecirc-bullet" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories</a>.</strong></li></ul><p><a href="https://www.businessinsider.com/saudi-arabia-oil-aramco-drone-strike-2019-9">Yemen's Houthi rebel group</a> has claimed responsibility for drone strikes on <a href="https://www.businessinsider.com/saudi-arabia-oil-aramco-drone-strike-2019-9">two Saudi oil refineries that are run by world's biggest oil producer, Saudi Aramco</a>.</p><p>The Trump administration quickly <a href="https://www.businessinsider.com/us-blames-iran-drone-strikes-saudi-arabias-oil-facilities-2019-9">laid blame</a> for the strikes on Iran, which backs Houthi forces.</p><p><em><strong>Read more</strong>: <a href="https://www.businessinsider.com/saudi-arabia-oil-aramco-drone-strike-2019-9">The world's largest oil plant in Saudi Arabia was attacked by 10 explosive drones ahead Aramco's plans for the biggest IPO ever</a></em></p><p>The fires, <a href="https://www.bbc.com/news/world-middle-east-49703143">which have since been controlled</a>, were so large that the smoke could be seen from space. </p><p>Keep reading for a look at the aftermath.</p>

The smoke from the fires caused by drone attacks on two Saudi oil facilities could be seen from space

<p><div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div></p><ul class="summary-list"><li>Two major Saudi oil refineries were set ablaze after a drone strike that was reportedly orchestrated by Yemen's Houthi rebel group.</li><li>The extent of the damage was unclear, which could be critical to the state-owned oil giant Saudi Aramco's plans for what could be <a href="https://markets.businessinsider.com/news/stocks/10-largest-ipos-in-history-ranked-by-total-proceeds-2019-9-1028521587">the largest initial public offering of stock in the world</a>.</li><li>A spokesman for the Iran-aligned Houthi group in Yemen said it had deployed 10 drones in the attacks, according to the BBC.</li><li>Houthi fighters were blamed for drone attacks on a natural gas facility last month and Iran has previously been blamed for attacks on oil tankers.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul><p>Yemen's Houthi rebel group claimed responsibility for two major Saudi oil refineries that were set ablaze after an apparent drone strike.</p><p>Interior ministry spokesman Mansour al-Turki reportedly confirmed that there were no casualties, but the extent of the damage was unclear, a major point of concern as the state-owned oil giant Saudi Aramco was amid plans for what could be <a href="https://markets.businessinsider.com/news/stocks/10-largest-ipos-in-history-ranked-by-total-proceeds-2019-9-1028521587">the largest initial public offering of stock in the world</a>.</p><p><a href="https://www.wsj.com/articles/drone-strikes-spark-fires-at-saudi-oil-facilities-11568443375">The Wall Street Journal reported</a> that people familiar with the matter said that Saudi Arabia is shutting down about half of its oil output after the attack, which the rebels described as one of their largest-ever attacks inside the kingdom.</p><div><p>The production shutdown amounts to a loss of about five million barrels a day or 5% of the world's daily production of crude oil.</p></div><p>State media reported fires are now under control at both facilities. The BBC reported that Abqaiq, the site of Aramco's largest oil processing plant, was struck first and a second drone attack started fires in the nearby Khurais oilfield.</p><p>A spokesman for the Iran-aligned Houthi group in Yemen said it had deployed 10 drones in the attacks, <a href="https://www.bbc.com/news/world-middle-east-49699429">according to the BBC.</a></p><p>Houthi fighters were previously blamed for drone attacks on the Shaybah natural gas liquefaction facility last month and Iran was blamed by Saudi Arabia and the US for attacks on two oil tankers in June and July, which authorities in Tehran denied.</p><p><em><strong>Read more</strong>: <a href="https://www.businessinsider.com.au/qatari-saudi-arabia-border-why-so-serious-2019-7" title="Read more" data-analytics-label="Headline 11">Here's how the locked-down Saudi Arabia-Qatar border became one of the tensest places on earth, sparking outrageous plans to build a 37-mile-long canal and turn Qatar into an island</a></em></p><p>The kingdom produces 9.8 million barrels of crude oil a day. The Khurais oilfield produces about 1% of the world's oil and Abqaiq is the company's largest facility that can process 7% of the global supply.</p><p>Aramco officials have suggested the company <a href="https://www.wsj.com/articles/for-aramco-insiders-princes-2-trillion-ipo-valuation-doesnt-add-up-1493064170">could be worth as much as $2 trillion</a>.</p><p>Ahead of the attack, it was reported that the state-run oil giant was planning to list as much as 5% of its shares sometime in 2020 or 2021. If Aramco were to list 5% of its shares at a $2 trillion valuation, it could raise as much $100 billion through the offering, which would equal four times the largest IPO in history.</p><p class="tagline"><a href="http://www.businessinsider.com/intelligence/drones-101?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=drone&amp;itm_campaign=drones-101"></a></p>

The world's largest oil plant in Saudi Arabia was attacked by 10 explosive drones ahead Aramco's plans for the biggest IPO ever

<p><div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div></p><ul><li><strong>Former Trump official Dina Powell has helped put Goldman Sachs in contention for a role in Saudi Aramco's IPO, according to the Financial Times.</strong></li><li><strong>The former deputy national security adviser is part of a team working to win the bank an advisory role in the stock-market debut of the world's biggest oil company.</strong></li><li><strong>Goldman was snubbed during Aramco's previous IPO attempt in 2017.</strong></li><li><strong><a href="http://markets.businessinsider.com">View Markets Insider's homepage for more stories. </a></strong></li></ul><p>Former Trump official Dina Powell has helped put Goldman Sachs in contention for a role in Saudi Aramco's IPO, <a href="https://www.ft.com/content/d5a55868-c3ab-11e9-a8e9-296ca66511c9">according to the Financial Times</a>.</p><p>The ex-deputy national security adviser is part of a team working to win the bank an advisory role in the stock-market debut of the world's biggest oil company.</p><p>Powell - who was born in Egypt and speaks Arabic - boasts regional knowledge and relationships that have made her a critical player in negotiations. She used those assets to organize Trump's visit to Saudi Arabia in 2017, his first foreign trip as president.</p><p>Goldman was snubbed in favor of rivals such as JPMorgan Chase and Morgan Stanley during Saudi Aramco's last attempt at an IPO in 2017. The planned listing was shelved after the state-owned company failed to achieve the $2 trillion valuation desired by <span>Crown Prince Mohammed bin Salman. </span></p><p><span>Saudi Aramco also came under scrutiny after Saudi dissident and Washington Post columnist Jamal Khashoggi was assassinated by Saudi agents in 2018.</span></p><p><span>Goldman should have plenty of time to curry favor with the Saudi giant. Given the mounting signs of a global economic slowdown, the group's public debut is likely to take place in 2020 or 2021. </span></p><p><span>In the meantime, the company will have its hands full as it seeks to double its prodcution capacity to 10 million barrels a day by 2030. It launched a $12 billion international bond earlier this year, and recently struck a $15 billion deal with Indian conglomerate Reliance to buy a stake in the world's largest refinery. </span></p><p class="tagline">Get the latest Goldman Sachs stock price<a href="http://markets.businessinsider.com/stock/GS-Quote"> here.</a></p>

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The attack on Saudi oil supplies threatens what could be the world's biggest IPO. Here's what we know about Saudi Aramco.

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The smoke from the fires caused by drone attacks on two Saudi oil facilities could be seen from space

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The world's largest oil plant in Saudi Arabia was attacked by 10 explosive drones ahead Aramco's plans for the biggest IPO ever

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Former Trump official Dina Powell has helped put Goldman Sachs in the running for a role in Saudi Aramco's IPO

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