NEW YORK: Saudi authorities are considering whether to delay an initial public offering (IPO) for oil giant Aramco after this weekend’s attack on its oil facilities shut down much of its production, people with know­ledge of the matter said.

“They’re in the process of assessing the damage. It’s a possibility but it’s still very early,” said one of the persons who spoke on condition of anonymity.

Aramco had planned to debut in November on a local stock market before listing on an international one next year, sources had told AFP last week.

The company’s plans appeared to have accelerated in recent weeks after it chose JPMorgan to lead the initial public offering, sources said. Goldman Sachs and Bank of America among others are also among the banks involved.

Published in Dawn, September 17th, 2019