Saudi's oil giant says 2018 the right time for listing

Aramco CEO says market will have recovered enough by 2018 to embark on what could be world's biggest public listing.

    Saudi's oil giant says 2018 the right time for listing
    Nasser said he expects prices to 'trend upwards by the end of the year' as global demand picks up from high-cost producers [Reuters/Ali Jarekji]

    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.


    WATCH: Oil economics - Behind the Saudi Aramco IPO 


    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.

    SOURCE: News Agencies


    YOU MIGHT ALSO LIKE

    Meet the deported nurse aiding asylum seekers at US-Mexico border

    Meet the deported nurse helping refugees at the border

    Francisco 'Panchito' Olachea drives a beat-up ambulance around Nogales, taking care of those trying to get to the US.

    The rise of Pakistan's 'burger' generation

    The rise of Pakistan's 'burger' generation

    How a homegrown burger joint pioneered a food revolution and decades later gave a young, politicised class its identity.

    'We will cut your throats': The anatomy of Greece's lynch mobs

    The brutality of Greece's racist lynch mobs

    With anti-migrant violence hitting a fever pitch, victims ask why Greek authorities have carried out so few arrests.