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Aramco plans to spend $300 billion over 10 years in upstream oil and gas - CEO
November 13, 2017 / 8:34 AM / 9 days ago

Aramco plans to spend $300 billion over 10 years in upstream oil and gas - CEO

ABU DHABI (Reuters) - Saudi Aramco (IPO-ARMO.SE) plans to spend close to $300 billion over 10 years in upstream oil and gas projects, Chief Executive Amin Nasser said on Monday.

FILE PHOTO - Amin Nasser, President and Chief Executive Officer of Aramco arrives to the Future Investment Initiative conference in Riyadh, Saudi Arabia October 24, 2017. REUTERS/Hamad I Mohammed

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.

Reporting by Rania El Gamal; Writing by Tom Arnold; Editing by Louise Heavens

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