Saudi Aramco considers expanding in India

Saudi Aramco is looking to foray into India and increase investments in China as part of its Asian expansion strategy, Nikkei Asian Review reported, citing CEO Amin Nasser.

“Saudi Aramco is looking at additional investments in China, and India is also a very important destination which we are giving great consideration, and (where we are) currently in discussion with some companies,” Nasser told the daily.

He added that plans for an Indian refinery were "crystallizing."

Meanwhile, Nasser reiterated that the oil giant is ready for an initial public offering (IPO) in the second half of 2018, and the government will take the final decision on the international venue for its listing.

Saudi Arabia plans to list up to 5 percent of the world’s largest oil producer on its domestic stock exchange (Tadawul), in addition to one or more international venues in a listing that could raise $100 billion.

Several international bourses are vying for the IPO, including New York, London, Hong Kong, Tokyo, and Toronto.