Aramco to spend $30 billion every year for the next 10 years

Aramco’s IPO is central to Saudi Arabia’s strategic plan on diversifying its economy.

On Monday, the CEO of Saudi Arabia’s Aramco disclosed that it plans on spending around $300 billion over ten years in upstream oil and gas projects.

“This is mainly upstream, onshore, offshore and joint ventures in the kingdom and out of the kingdom,” said Nasser while speaking at the ADIPEC energy conference in Abu Dhabi.

He also mentioned that the decision as to where Aramco’s IPO is going to be listed, will be disclosed soon.

Last month, Crown Prince Mohammad bin Salman had said, Aramco’s IPO, part of an ambitious plan to diversify the the Kingdom’s economy and wean it of oil-based income, was on track to go ahead next year.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s