State-owned oil giant plans to pump in billions for infrastructure and create about 500,000 jobs for Saudi nationals.
Saudi Arabia oil giant Aramco feels “comfortable” that by 2018 oil prices will have recovered and the market conditions will be right for what could be the world’s largest public listing, its chief executive Amin Nasser said.
Speaking at the World Energy Congress on Tuesday in Istanbul, Nasser said that all markets were still being considered for the initial public offering of up to 5 percent of Aramco.
He also said the company planned to invest $300bn over the next decade, with the focus on gas.
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.
Under the government’s diversification plans, the kingdom plans to generate 9.5 gigawatts of electricity from renewable energy.
Nasser has said Aramco is looking to play a major role in achieving that target.
“Renewable is in our radar … and we are looking forward to play a major role in renewable in the near future,” he said.
The company had set up a renewable energy department and is studying plans to invest in wind and solar power.