Aramco Warns Employees Against Taking Pictures of Sites

A metal part of a damaged tank is seen at the damaged site of Saudi Aramco oil facility in Abqaiq, Saudi Arabia, September 20, 2019. (Reuters)
A metal part of a damaged tank is seen at the damaged site of Saudi Aramco oil facility in Abqaiq, Saudi Arabia, September 20, 2019. (Reuters)
TT

Aramco Warns Employees Against Taking Pictures of Sites

A metal part of a damaged tank is seen at the damaged site of Saudi Aramco oil facility in Abqaiq, Saudi Arabia, September 20, 2019. (Reuters)
A metal part of a damaged tank is seen at the damaged site of Saudi Aramco oil facility in Abqaiq, Saudi Arabia, September 20, 2019. (Reuters)

Saudi Aramco has renewed its work on banned facilities and operating sites, as well as sites under construction in the company.

The company issued a statement warning its employees against uploading, sending, or exchanging any photographs or videos of the restricted and under construction areas on social media.

The statement indicated that this action is strictly prohibited unless the required approval is taken.

Aramco cautioned its employees that in the event of non-compliance, the company will take firm disciplinary action.

The company’s reminder comes just days after Saudi Aramco's Abqaiq plant was hit by a terrorist attack that caused a major fire at the plant, the world's largest oil refinery, as well as another attack on an oil facility in Khurais located on the road between al-Ihsa and Riyadh.

Although Saudi Aramco has been able to control the attacks, the company's industrial security department preferred to be careful by reminding its employees of the ban and tightening security in this regard.

Meanwhile, Aramco hired UBS Group and Deutsche Bank as book-runners for its initial public offering, two sources familiar with the matter said.

This is an indication that the deal is moving ahead despite the recent attack on Aramco’s oil facilities.

The company started informing banks about the bookrunners’ roles, one of the sources said.

Reuters revealed that Aramco finalized nine banks for top roles as global coordinators in recent weeks, and more banks are expected to be named in junior roles, the sources said.

Aramco has also added Barclays and BNP Paribas as bookrunners, Bloomberg cited people familiar with the matter.

Doubts had emerged about the timeline of the potentially $20 billion domestic leg of the IPO among investors after last Saturday’s attacks on two sites that usually process and clean up about 5.7 million barrels per day (bpd).

Aramco said that by the end of September it will resume full crude output at Abqaiq and Khurais.

The company’s meeting with analysts, ahead of the expected IPO in late November, is also scheduled for early next week, two other sources said.

Aramco’s listing is the first step toward an eventual sale of up to 5 percent, with another 1 percent expected to be sold domestically next year, followed by an international listing.

Initial hopes for an international listing dissipated when the share sale was halted last year amid a debate over an overseas venue and valuation.

Aramco had said the delay was due to its deal to acquire a 70 percent stake in petrochemicals maker Saudi Basic Industries Corp. Crown Prince Mohammed put a $2 trillion valuation on the company in early 2016.



UAE Delegation Meets French Officials to Strengthen Cooperation

Photo by WAM
Photo by WAM
TT

UAE Delegation Meets French Officials to Strengthen Cooperation

Photo by WAM
Photo by WAM

A high-level delegation from the United Arab Emirates, led by the General Secretariat of the National Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations Committee (NAMLCFTC), visited Paris to discuss ways to enhance cooperation between the UAE and France in combating financial and organised crimes and strengthening international economic security, state news agency WAM reported.

The mission aimed to present the UAE’s National Strategy 2024–2027 in combating financial crimes, reflecting the UAE’s proactive efforts to strengthen international partnerships and exchange expertise in this field. The visit highlights the UAE’s commitment to activating effective communication channels to reduce financial crimes in alignment with its strategic goals and global AML/CFT standards.

Hamid Saif AlZaabi, Secretary-General of the General Secretariat and Vice Chairman of NAMLCFTC, emphasized the importance of enhancing international cooperation in tackling financial crime, stating, “France is one of the UAE’s largest trade partners, and likewise, the UAE is France’s primary trade partner in the region. This necessitates strengthening our partnership to address illicit global financial flows. This visit is part of our commitment to and belief in the importance of fostering international cooperation and exchanging expertise.

"Discussions focused on enhancing partnerships across various areas and with several partners, including the Ministries of Treasury, Justice, and Interior, the Financial Intelligence Unit, and others. We look forward to continuing our work with French partners, especially on priority issues such as global organised crime, combating drug trafficking, and mitigating shared risks between our countries.”

According to WAM, Fahad Saeed Al Raqbani, UAE Ambassador to the French Republic, commended the close bilateral relations between the UAE and the French Republic, saying: “This visit marks a significant milestone to enhance the strategic and enduring partnership between the UAE and France, rooted in close cooperation and our shared commitment to global economic security and the fight against international financial crime. Through strengthened collaboration and the exchange of expertise, we aim to advance international efforts to confront financial security challenges.”

He added: “The delegation, led by the General Secretariat of the National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organizations, discussed the comprehensive approach adopted by the UAE in addressing financial crimes. Furthermore, the delegation participated in technical discussions on key priority issues with our French partners. We look forward to further deepening sustainable cooperation between the UAE and France, to reinforce regional and global frameworks to combat illicit financial activities.”