Deals
Saudi Aramco’s Only IPO Foray Provides a Cautionary Tale
- Aramco floated its PetroRabigh refinery subsidiary in 2008
- PetroRabigh delivered losses of 40% to investors since IPO
The refinery two hours by car north of Mecca is easily overlooked in the Saudi Aramco colossus. But it offers a bonus: a window into one of the world’s most secretive businesses.
Since the Saudi state-owned oil giant sold shares in Rabigh Refining and Petrochemical Co. in 2008, the facility has provided a peek into a small corner of its operations. With few other clues available as Saudi Arabia prepares a massive initial public offering of as much as 5 percent of Aramco for next year, investors are scrutinizing the refinery for insights into the parent company itself.