Aramco pushes global development

Aramco pushes global development

Aramco, Saudi Arabia’s state owned oil company is finalising plans for its unfinished privatisation and will present the options to its Supreme Council.

A team is working on the proposals for the initial public offering (IPO) of less than 5 per cent of the company’s value, said CEO Amin Nasser yesterday.

The plans will be presented “soon” to Aramco’s Supreme Council led by deputy crown Prince Mohammed bin Salman, who is trying to end government waste and expand the economy.

Nasser also said the company was looking to expand globally through joint ventures in Asia and North America.

“We are looking at the current market status that, even though challenging, is an excellent opportunity for growth,” said Nasser.

Aramco said Saudi Arabia has found a total of 805.6 billion barrels of oil with 141.5 billion already produced and 260 billion barrels considered ‘proven.’

The company anticipates the demand for global crude oil to grow by 1.2 million barrels per day this year and has seen increasing demand in India and the US.

Saudi Arabia recently announced its plans to sell a five per cent stake in the US$2.5 trillion company Aramco to investors, looking to join the London Stock Exchange in the biggest share listing in history.