* Oil prices, market conditions to improve by 2018 -CEO
* No market for listing decided yet, Nasser says
* Aramco happy to open up financials to investors
(Adds details, quote)
By Ron Bousso
ISTANBUL, Oct 11 Saudi Aramco is targeting 2018
for what could be the world's largest public listing as it
expects oil prices and market conditions to improve in the
coming years, its chief executive Amin Nasser said on Tuesday.
Speaking at the World Energy Congress in Istanbul, Nasser
said that all markets were still being considered for the
initial public offering (IPO) of up to 5 percent of Aramco,
though the exact size of the offering will be determined by the
Saudi Supreme Council.
"We are optimistic that the market started to recover and we
expect it to recover even more in 2017 and I think the time in
2018 will be almost right," Nasser said.
"When we talk about 2018 we feel comfortable to be able to
meet all the requirements in the different markets if we decide
to go to certain markets."
He said Aramco has yet to finalise the location of the
listing and is currently reviewing several markets including New
York, London, Hong Kong and Japan.
Saudi's Deputy Crown Prince, Mohammed bin Salman, unveiled
ambitious plans earlier this year aimed at ending the country's
"addiction" to oil and transforming it into a global investment
power. The listing of less than 5 percent of state-run Aramco is
a centrepiece of that effort.
Nasser said that Aramco, whose exact size has yet to be
publicly disclosed, is ready to share financial information with
"We have a very good governance model and we would be more
than happy to share our financials with investors when we go
public," he said.
Aramco has increased its oil production to record levels in
recent months as oil producing companies vied for global market
share in a struggle that has led to a more than halving of oil
prices since June 2014.
Although revenues have dropped, Nasser said the company
plans to invest $300 billion over the next decade, with the
focus on gas.
(Reporting by Ron Bousso; Writing by Nick Tattersall)