Deals
Aramco Plans to Invest $500 Billion as Oil Giant Expands Abroad
- Saudi company committed to IPO, awaits best timing: Nasser
- World’s biggest oil exporter seeks to diversify from oil
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Saudi Aramco aims to become a global refiner and chemical maker, seeking to profit from parts of the oil industry where demand is growing the fastest while also underpinning the kingdom’s economic diversification.
The world’s biggest oil exporter is earmarking $500 billion to invest over the next 10 years, including $160 billion for natural gas developments and $100 billion for chemicals projects, Aramco Chief Executive Officer Amin Nasser said in an interview in Dhahran, Saudi Arabia. The spending would come on top of the company’s planned purchase of a majority stake in Sabic, the Middle East’s largest chemical business, a deal that could be valued at about $70 billion.