BUSINESS

CEO: Aramco plans to spend $300 bln over 10 years in upstream oil and gas

Saudi Aramco is the first Gulf country to give July pricing, and major producers including Iraq and Iran typically follow Saudi Arabia. (Reuters)

Saudi Aramco plans to spend close to $300 billion over 10 years in upstream oil and gas projects, Chief Executive Amin Nasser said on Monday.

Speaking at the ADIPEC energy conference in Abu Dhabi, Nasser said: “This is mainly upstream, onshore, offshore and joint ventures in the kingdom and out of the kingdom.” He also said a decision would hopefully be made soon on the location for the listing of shares in the oil giant.

Crown Prince Mohammad bin Salman said last month that Aramco’s initial public offering, part of an ambitious plan to diversify the Saudi economy beyond oil, was on track to go ahead in 2018.

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Last Update: Monday, 13 November 2017 KSA 12:54 - GMT 09:54
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