Aramco to increase capital spending by 10%

Saudi Arabian Oil Co. (Saudi Aramco), the world’s largest crude exporter, expects to increase its capital expenditure by around 10 percent by the coming fiscal year, Reuters reported, citing a top official.

The state-owned company’s plans to increase investments coincide with its potential initial public offering (IPO) as Saudi Arabia's Crown Prince Mohammed bin Salman pushes reforms to reduce the kingdom’s dependence on oil.

The company has allocated SAR 350 billion for capital spending in its current financial year, and this allocation would rise by about 10 percent the following year, Aramco's senior vice president of technical affairs, Ahmad al-Sa'adi, said at conference.

Al-Sa'adi added that the increased spending will provide big opportunities for Saudi businesses looking to increase their involvement in Aramco projects.