Aramco to invest $300 bln in oil, gas projects over 10 years

Saudi Aramco, the world’s largest oil producer, plans to invest more than $300 billion on oil and gas projects over the next decade to avoid shortfall in supply growth, chief executive Amin Nasser said on Tuesday at the World Energy Conference in Istanbul.

Nasser said the role of oil and gas in the global energy mix will remain significant for decades to come, and that the energy industry needs a new, “transformational” roadmap.

The CEO also expects that by 2018 oil prices will have recovered, making the market conditions right for the public listing, Reuters reported.

He added that all markets were being considered for the initial public offering (IPO) of up to 5 percent of the oil firm.

Saudi Arabia has planned the Aramco IPO to help generate revenue and reform its economy. The plan was announced by Deputy Crown Prince Mohammed bin Salman in April.