Saudi petroleum sector suffers due to Yemeni counterattacks

SANAA, Nov. 14 (YPA) – Saudi petroleum company Aramco has announced a sharp drop in profits, attributing it to attacks on its facilities last September that briefly cut its oil production in half.

The Wall Street Journal said the announcement “highlights the risks to investors before the company goes public, which is the largest stock exchange entry in the world.”

Aramco has delayed its entry on the stock exchange last month until its earnings are published, hoping that this will reflect the resilience of its operations.

According to the Wall Street Journal,” Saudi Arabia’s ability to protect its precious assets and counter future attacks will be an important factor in attracting potential investors who are monitoring Aramco’s value in the upcoming IPO.”

E.M