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Saudi oil race: Aramco set to IPO despite drone attacks

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Attack: Workers attempt repairs on the damaged refinery site in Abqaiq, Saudi Arabia. Photo: Bloomberg

Attack: Workers attempt repairs on the damaged refinery site in Abqaiq, Saudi Arabia. Photo: Bloomberg

Bloomberg

Attack: Workers attempt repairs on the damaged refinery site in Abqaiq, Saudi Arabia. Photo: Bloomberg

Oil giant Saudi Aramco will kick off its much- anticipated initial public offering next month as it recovers faster than expected from crippling terror attacks that cut its crude oil production in half.

The state-run company plans to announce its intention to float around October 20, souces said.

It is targeting a valuation of at least $2 trillion - making it the world's most valuable company.

Aramco's listing on the Saudi stock exchange could take place as early as November. IPO preparations come as production capacity got back above 11 million barrels a day.

Banks are working flat out to get the mammoth IPO done after drone and missile attacks on two Aramco facilities in Abqaig and Khurais this month caused a record surge in oil prices.

Bloomberg