Saudi Aramco is looking to buy insurance against war and terror attacks after a damaging drone and missile attack on some of its oil facilities in September, two sources told Reuters. The sources told Reuters that Aramco, the world’s largest oil company, has been looking for cover from insurers compaies including those based at Lloyd’s of London and elsewhere in the London market, they added.
The company is seeking cover for facilities in Saudi Arabia’s Eastern Province, its oil heartland, where it suffered the September attacks, one of the sources said. During the launch of the IPO, which could be the world’s biggest and raise up to $25.6 billion, Saudi Aramco said that it did not expect the Sept. 14 attack to have a material impact on its finances and operations. Aramco declined to comment on these reports.
Available insurance options range from cover against a terror attack or sabotage through full coverage, which includes war or civil war, along with compensation for the cost of business interruption.