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Created on: 2019-10-24 13:16:26
Last update: 2020-05-14 12:19:33

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Saudi Aramco's Khurais oil field in Saudi Arabia. Photo: Planet.com via Wikimedia Commons (CC BY SA 4.0)
Sector Oil and Gas Extraction
Headquarters
Ownership

Saudi Aramco is 100 percent owned by the Saudi Arabian State. The company is planning an Initial Public Offering (IPO) in December 2019, which will change its ownership structure, with initially 3 percent of its shares to be listed.

Subsidiaries
Website https://www.saudiaramco.com

About Saudi Aramco

Saudi Aramco, officially the Saudi Arabian Oil Company, is an oil and natural gas company based in Dhahran, Saudi Arabia and was founded in 1933. Saudi Aramco is the largest oil producer in the world. It is one of the largest companies in the world by revenue and, according to Bloomberg, the most profitable company in the world. Saudi Aramco has both the world's second-largest proven crude oil reserves, at more than 270 billion barrels, and the largest daily oil production with more than 10 million barrels a day. Saudi Aramco is the world's largest CO2 emitter, having produced, on its own, almost 5 percent of the world's CO2 emissions between 1992 and 2017.

Latest developments

Saudi Aramco closes US$10bn loan

2020-05-12 00:00:00

Saudi Aramco picks HSBC, Japan's SMBC for $10 billion loan: sources

2020-04-22 00:00:00

Why this profile?

A coalition of environmental groups has warned a string of major international banks to step away from facilitating capital for Saudi Aramco, the world’s largest corporate emitter of carbon dioxide. The Saudi state-owned company is planning to sell 3 percent of its shares in the world's biggest-ever IPO (initial public offering), planned to take place in December 2019. Concerns have also been raised with the banks involved over the horrendous human rights record of the Saudi regime.

The investment banks coordinating the sale of Saudi Aramco's stock in the IPO are: Citigroup*, Credit Suisse*, Goldman Sachs, HSBC, JPMorgan, Merrill Lynch, Morgan Stanley, NCB Capital and Samba Capital. Banks marked with a * are signatories to the UN's Principles for Responsible Banking.

Impacts

Social and human rights impacts

Human rights violations in Saudi Arabia Saudi Aramco is fully owned by the Saudi Arabian Government. The country has a dubious, highly questionable record when it comes to human rights. The Saudi Government, which enforces Wahhabi religious laws under the absolute rule of the Saudi royal family, has been accused by various international organisations and governments of violating multiple human rights within the country. The strict regime ruling the Kingdom of Saudi Arabia consistently rankis among the "worst of the worst" in Freedom House's annual survey of political and civil rights.

A 2018 Human Rights Watch report noted that "Saudi authorities stepped up their arbitrary arrests, trials, and convictions of peaceful dissidents and activists in 2018, including a large-scale coordinated crackdown against the women’s rights movement beginning in May. In June, Saudi Arabia ended the long-standing ban on women driving, but authorities continued to discriminate against women and religious minorities. Through 2018, the Saudi-led coalition continued a military campaign against the Houthi rebel group in Yemen that has included scores of unlawful airstrikes that have killed and wounded thousands of civilians."

Capital punishment Saudi Arabia still enforces the death penalty. In 2018 at least 149 people were executed (Amnesty International). On April 23, 2019, Saudi Arabia carried out a mass execution of 37 imprisoned civilians who had been convicted mostly on the basis of confessions obtained under torture or written by the accused's torturers. Most of the executed belonged to the country's Shia minority.

Environmental and climate impacts

Climate change impacts Data from world-renowned researchers published in The Guardian has revealed how a group of companies, among them Saudi Aramco, are the heaviest contributors to climate change. Details have shown how they have continued to expand their operations despite being aware of the industry’s devastating impact on the planet. Saudi Aramco is way out in front as the top corporate polluter, having contributed 59.26 billion tonnes of carbon dioxide equivalent since 1965, or 4.38 percent of the world's total emissions since that date.

Opposing climate policies In an October 2019 report, investigative journalistic platform The Intercept noted that "the Saudi Arabian Government have a stunning history of undermining action to address the climate crisis and have a concerted effort designed to preserve the profits of Aramco. Saudi Arabia has played a quiet yet powerful role in thwarting proactive climate policy at United Nations conferences and U.S. domestic policy battles alike. Since the Intergovernmental Panel on Climate Change meeting in Madrid in 1995 — when Mohammad Al-Sabban, then a Saudi petroleum official, famously confronted scientists, claiming the science around climate change was not settled — Saudi delegates have maneuvered to push for a series of delays."

Governance

Bank policies

The following bank investment policies apply to this project:
HSBC
csr policies
2017-04-26 00:00:00

Environmental Policy

2017-04-26 00:00:00 | HSBC
Morgan Stanley
csr policies
2019-03-15 00:00:00

Coal and oil & gas policy statements

2019-03-15 00:00:00 | Morgan Stanley

Timeline

Saudi Aramco closes US$10bn loan

2020-05-12 00:00:00

Saudi Aramco, the world’s largest oil producer, has closed a US$10bn one-year term loan with a club of core relationship banks.

The loan was led by HSBC, SMBC and First Abu Dhabi Bank as coordinators, bookrunners and mandated lead arrangers. First Abu Dhabi Bank also acted as facility agent.

They were joined by BNP Paribas, Citi, Credit Agricole, JP Morgan, Mizuho, MUFG and Societe Generale as mandated lead arrangers and bookrunners.

Saudi Aramco picks HSBC, Japan's SMBC for $10 billion loan: sources

2020-04-22 00:00:00

Saudi Aramco has chosen HSBC and Japan’s Sumitomo Mitsui Banking Corporation (SMBC) to coordinate talks with other banks for a loan of about $10 billion the oil giant plans to seek, two sources close to the matter said. HSBC declined to comment and SMBC could not be immediately reached for comment.

Saudi Aramco announces Initial Public Offering (IPO)

2019-11-03 00:00:00

Saudi Aramco, the world’s largest integrated oil and gas company, wholly owned by the Government of the Kingdom of Saudi Arabia, announced its intention to proceed with an initial public offering on the Main Market of Tadawul, the Saudi Stock Exchange (Saudi Aramco press release).

Financiers

Debt finance USD 12 billion In April 2019 six banks - JPMorgan Chase, Citi, Goldman Sachs, HSBC, Morgan Stanley and National Commercial Bank - arranged debt finance for Saudi Aramco totalling USD 12 billion via five bonds:

  • a 3 years USD 1 billion bond, maturing April 2022;
  • a 10 years USD 3 billion bond, maturing April 2029;
  • a 5 years USD 2 billion bond, maturing April 2024;
  • a 20 years USD 3 billion bond, maturing April 2039;
  • a 30 years USD 3 billion bond, maturing April 2049.

See below for more details.

Initial Public Offering (IPO) For Saudi Aramco's IPO the Joint Financial advisers and Global coordinators are: Citi, Credit Suisse, Goldman Sachs, HSBC, JPMorgan Chase, Merrill Lynch, Morgan Stanley, National Commercial Bank and Samba Capital. The foreign joint bookrunners include all Global coordinators as well as: Banco Santander, BNP Paribas, BOCI Asia, Crédit Agricole, Deutsche Bank, First Abu Dhabi Bank, Mizuho, RBC, SMBC, Société Générale and UBS.

Loan USD 10 billion In May 2020, Saudi Aramco closed a USD 10 billion one-year term loan. The loan was led by HSBC, SMBC and First Abu Dhabi Bank. They were joined by BNP Paribas, Citi, Credit Agricole, JP Morgan, Mizuho, MUFG and Société Générale as mandated lead arrangers and bookrunners. See below for more details.

News

| |
Type:
Year:
blog
external news
our news

Saudi Aramco bets on being the last oil major standing

2023-01-12 | Financial Times
blog
external news
our news

These U.S. banks are financing climate chaos through fossil fuel expansion

An overview of RAN's new report, Wall Street’s Dirtiest Secret: How fossil fuel expansion depends on big bank finance
2022-11-10 | Rainforest Action Network
blog
external news
our news

NGOs release the 2022 Global Oil & Gas Exit List

Oil and gas industry willing to sacrifice a livable planet
2022-11-10 | Berlin / Sharm el-Sheikh | urgewald
blog
external news
our news

Revealed: the ‘carbon bombs’ set to trigger catastrophic climate breakdown

Oil and gas majors are planning scores of vast projects that threaten to shatter the 1.5C climate goal. If governments do not act, these firms will continue to cash in as the world burns
2022-05-12 | The Guardian
blog
external news
our news

HSBC customer of 65 years and member of 10th Gurkhas confronts shareholders with video message over fossil fuels at AGM

Huge van-mounted digital screen parked outside HSBC AGM playing video of long-standing customer, 83-year-old Christopher Martin.
2022-04-29 | London | Market Forces
blog
external news
our news

Standard Chartered Bank hit with protests on opposite sides of the world as fossil fuel vote approaches

It's the only UK bank facing a shareholder-proposed climate change resolution at its AGM this year
2022-04-19 | Jakarta, Kalimantan, London | Market Forces
blog
external news
our news

Net zero vs zero ambition - the choice at Standard Chartered AGM

No further update on last year's climate policy, as rival banks leave Standard Chartered isolated on climate
2022-03-29 | United Kingdom | Market Forces
blog
external news
our news

NGOs release the first “Global Oil & Gas Exit List” at Glasgow COP

2021-11-04 | Glasgow | urgewald
blog
external news
our news

Standard Chartered’s new climate policy aims for failure

Announced on the eve of the COP26 climate summit in Glasgow, Standard Chartered Bank’s new climate policy upholds the bank’s status as a climate laggard, according to environmental finance organisation Market Forces
2021-10-28 | Market Forces
blog
external news
our news

Standard Chartered shareholders challenge bank to live up to net zero promise on fossil fuels

2021-10-07 | Market Forces
blog
external news
our news

Japan’s SMBC advising on Aramco’s gas pipeline deal: CNBC Arabia

2021-09-26 | Arab News
blog
external news
our news

Plastic Waste Makers Index

Unveiling the source of the single-use plastics crisis
2021-06-01 | Minderoo Foundation
blog
external news
our news

Revealed: HSBC’s dirtiest deals will emit more pollution than Brazil or Canada

As HSBC prepares for its AGM on 28 May, new research reveals that a selection of HSBC fossil fuel financial transactions over the last five years will emit 523 million tonnes of CO2 every year for decades to come
2021-05-27 | Market Forces
blog
external news
our news

More than half of Europe’s bank directors too compromised to end fossil fuel finance

2021-04-07 | DeSmog
blog
external news
our news

Saudi oil giant understates carbon footprint by up to 50%

2021-01-21 | Bloomberg
blog
external news
our news

Saudi Aramco discovers two new oil and gas fields: energy minister

2020-08-30 | Dubai | Reuters
blog
external news
our news

Saudi Aramco closes US$10bn loan

2020-05-12 | London | Reuters
blog
external news
our news

Aramco Close to Inking $10 Billion Deal With Group of About 10 Banks: Sources

2020-05-07 | Reuters
blog
external news
our news

Saudi Arabia is selling a portion of its most profitable company

2019-12-11 | Pri.org
blog
external news
our news

Saudi Aramco IPO: climate change fears cause banks to miss out on millions in fees

2019-11-21 | The Independent
blog
external news
our news

Failure of Aramco IPO gives a black eye to bank CEOs and a warning to investors

2019-11-20 | London, UK | BankTrack, 350.org, Earthworks, Friends of the Earth US, Global Witness, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, ShareAction, Sierra Club
blog
external news
our news

Banks set to cash in on the Saudi Aramco IPO want you to know they’re still serious about climate change

2019-11-14 | Fortune
blog
external news
our news

Western banks funding Saudi Aramco IPO betraying climate change promises

2019-11-05 | Newsweek
blog
external news
our news

Aramco IPO: These are the banks and advisers on world's biggest sale

2019-11-03 | Bloomberg
blog
external news
our news

Annoucement of intention to float on Tadawul

2019-11-03 | Saudi Aramco press release
blog
external news
our news

NGOs highlight environmental and human rights concerns to banks over Saudi Aramco IPO

2019-10-17 | Business & Human Rights Resource Centre
blog
external news
our news

Banks warned over Saudi Aramco by environmental groups

2019-10-17 | The Guardian
blog
external news
our news

Environmental groups warn banks against climate and human rights implications of underwriting Saudi Aramco offering

2019-10-17 | Nijmegen, the Netherlands
blog
external news
our news

10 reasons not to invest in the Saudi Aramco IPO

2019-10-16 | Forbes
blog
external news
our news

Revealed: the 20 firms behind a third of all carbon emissions

2019-10-09 | The Guardian
blog
external news
our news

Saudi Arabia denies its key role in climate change even as it prepares for the worst

2019-09-18 | The Intercept

Documents

Type:
Year:
ngo documents
2021-06-01 00:00:00

Plastic Waste Makers Index

Unveiling the source of the single-use plastics crisis
2021-06-01 00:00:00 | Minderoo Foundation
ngo documents
2019-03-31 00:00:00

Human Rights Watch World report 2018 - Saudi Arabia

2019-03-31 00:00:00 | Human Rights Watch
annual reports
2019-07-31 00:00:00

Financial results 2017-2018

2019-07-31 00:00:00 | Saudi Aramco
annual reports
2019-07-31 00:00:00

Annual report 2018

2019-07-31 00:00:00 | Aramco Trading
company documents
2019-04-01 00:00:00

Saudi Aramco - Base Prospectus 1 April 2019

2019-04-01 00:00:00 | Saudi Aramco

Links

Saudi Aramco's ethics and governance webpage

https://www.saudiaramco.com/en/who-we-are/our-corporate-governance/ethics-compliance

Saudi Aramco's sustainability webpage

https://www.saudiaramco.com/en/creating-value/sustainable-business-operations

Saudi Aramco's climate change webpage

https://www.saudiaramco.com/en/making-a-difference/planet/climateinitiative
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