SATURDAY'S pre-dawn attacks that knocked out more than half of Saudi oil production have thrown a wrench into plans to get Saudi Aramco's delayed initial public offering (IPO) off the ground. The drone strikes, claimed by Iran-aligned Houthi rebels in Yemen, coincided with concerted moves to speed up the sale of a 5% stake in the world's largest oil company. A team of global bankers were discussing the IPO at the Ritz Carlton hotel in Dubai when Aramco's processing facilities in Abqaiq and at the Khurais oilfield went up in flames.
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