Such as its failure to list on any major stock exchange, and more.
https://oilprice.com/Energy/Energy-General/Saudi-Aramcos-Disappointing-Earnings-Are-The-Least-Of-Its-Problems.amp.html
3 replies (most recent on top)
Tons of Aramcons left the company and went direct to NEOM for better salaries. 60-70% of local staff are former Aramcons.
Everyone knows Aramco mgmt are plundering the company via single source contracts, JVs and subsidiaries, setup to cream kickbacks to their second cousins/sixth nieces/third half brothers offshore accounts. C0rrupt consultants are everywhere and simply enable these practices. It’s been like this for years. Aramco will never be able to fully open up its books, too many skeletons.
Thing is PIF is doing the same via PE and McK enablers, literally selling off the family silver for short term enrichment. Mo--nic populace are so distracted by vanity projects, which generates lots of positive PR. In reality they are the largest waste of capital in modern history. Some achievement.
The whole episode is on its last legs. Take as much as you can before the whole house comes crashing down.
As an expat, best be bag-ready with the speedboat fully fuelled.
The whole discussion of reserves is pointless. Western investors don't have access to those reserves and they never will. That just leaves the dividend stream. MbS can and does get Aramco to make questionable investments in downstream and unconventional NG rather than paying the money out through dividends. I'm surprised Aramco isn't out there building NEOM (yet). No sane investor wants any part of this mess, so the Company has taken to selling off pieces of itself to Private Equity shops via sale lease back transactions. Meanwhile, everything that really matters is getting squeezed till it breaks. At some point in the not-too-distant future, after something really big goes wrong, there will be an article in a major newspaper about the decline of Aramco that nobody saw coming. Its been happening since about 2015 when the new King took over but everybody just covers their eyes and pretends it is business as usual.