Saudi Arabia said to discuss gas investments with oil firms

Saudi Arabia has held talks with international oil companies over domestic and international gas investment opportunities, as part of the kingdom’s plans to diversify investments before the Saudi Aramco initial public offering (IPO) next year, Reuters reported, citing sources familiar with the matter.

Saudi officials explored investment options with firms including London-based BP, and US-based Chevron to help develop the kingdom’s gas reserves, the world's sixth largest.

The kingdom also discussed investments with Italy's Eni, sources said.

Saudi Arabia plans to float a 5 percent stake in Aramco in 2018, expected to be valued at $100 billion, in what could be the world’s largest ever IPO.

Saudi energy minister Khalid Al Falih said last year that the oil giant was interested in investing in international upstream ventures, particularly gas, and could invest in importing gas into the kingdom, it was reported.