Saudi Aramco Eric Lafforgue/Getty Images

La gobernanza corporativa en Saudi Aramco

DUBAI – Desde que el año pasado se anunció que Saudi Aramco (mayor empresa petrolera del mundo y joya de la corona entre las corporaciones sauditas) saldrá a la bolsa, los medios han sido un hervidero de especulaciones (y no sólo en relación con la inmensa valuación de la empresa). Si bien la oferta pública inicial está prevista para 2018, todavía subsisten muchas dudas sobre el momento exacto (por no hablar de la modalidad que adoptará el gobierno).

La situación macroeconómica actual de Arabia Saudita no parece justificar una venta urgente de una participación minoritaria en Saudi Aramco a precios de remate. La ligera apreciación de los hidrocarburos, la reducción del gasto público y la posibilidad de un aumento de la recaudación impositiva presagian una disminución del déficit presupuestario saudita. También se espera que, en marcado contraste con el récord de emisión de bonos del año pasado, se frene el endeudamiento público.

Además, el gobierno saudita tiene identificadas muchas otras empresas estatales que pueden privatizarse para ayudar a llenar las arcas públicas, reforzar el volumen del mercado accionario y aumentar la participación del sector privado en la economía. Antes de la salida a bolsa de Aramco, sería aconsejable usar esas privatizaciones para alentar el interés en el mercado saudita de capitales, ya que las OPI de estos últimos años en toda la región del Golfo han sido flojas.

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