Aramco Mulls 2018 Listing on Bourses

Aramco Mulls 2018 Listing on BoursesAramco Mulls 2018 Listing on Bourses

Saudi Aramco continues to look at several overseas exchanges, including New York, Hong Kong and London, for a listing in 2018 of a part of the state-owned oil company, CEO Amin Nasser said on Monday. "This thing will happen in 2018," he told reporters on the sidelines of a conference in Dubai, Reuters reported. He added that the company was working with Chinese partners to look at locations for oil storage and wanted to boost its oil recovery rate to 70% from 50 to 55% currently. Saudi Aramco is also forecast to spend about $334 billion on various sectors, including materials and services such as infrastructure and projects, to maintain oil capacity by 2025, an Aramco official said on Monday. Abdulaziz al-Albdulkarim, vice president for procurement and supply chain management, told a conference in Bahrain that projects to which the spending would be applied included the exploration and development of unconventional resources.