Saudi officials and contractors revealed that instead of the supposed weeks-long process of restoring the stricken Aramco plants, it would take months and millions for the restoration to be completed. Experts said the long patch-up process could drag on the local economy.
According to MarketWatch, Saudi officials said on Sunday that it may take several months instead of a maximum of 10 weeks to finish all the necessary repairs in the bombed Aramco oil plants.
The report further revealed that Saudi Aramco is scrambling to get contractors to accomplish the restorations in a short period. The world's most profitable company reportedly offered to pay contractors premium rates for their services.
However, contractors and officials are reportedly aware that the supposed 10-week restoration process promised by company executives will not happen. The extent of the damage was massive enough to dramatically dampen operations ever since the missile strikes last week.
Saudi Aramco confidently declared a day after the strikes that it can get back into full operation by the end of this month. However, industry experts are now raising concerns on how the strikes could drive a nail into the company's production progress.
It is also worth noting that Aramco is the crown jewel of the kingdom. If it does not recover soon enough, industry analysts said there could be trouble for Saudi's economy as a whole.
Furthermore, the oil behemoth has been hard at work on its initial public offering (IPO) over the past few years. Some analysts said the missile strikes at the heart of Aramco's production area could put the IPO in danger.
On the other hand, other industry experts believe that the shocking attacks could actually play well into the hands of the trillion-dollar oil giant. According to CNN, Saudi Crown Prince Mohammed bin Salman took a defiant stance against questions of the kingdom's vulnerability and the company's potential IPO delay.
The crown prince said Saudi Aramco is the only company to have received such devastating attacks but it still "came out like a phoenix rising from the ashes." Aramco CEO, Amin Nasser, echoed his leader's statements.
Nasser noted that the company is still "the most reliable company in the world" and it will definitely deliver the expectations of the oil industry "even under the worst scenario.
Aside from the hard-line stance, the kingdom has taken despite the attacks on Aramco's second-biggest oil field, other nations have united in support of the company. The United States and other allied countries have expressed support for the firm, putting an end to talks of a potential IPO delay.
