Saudi Aramco plans IPO in 2018 and a new subsidiary in India
Aramco will reportedly sell 5% of its shares in an initial public offering at a value of nearly $2 trillion. The shares are expected to raise as much as $100 billion, which will be used for Saudi Arabia’s economic reform project Vision 2030.
In addition to Saudi Aramco’s IPO plans, the company is also looking at launching a new subsidiary in India, the world’s third-biggest consumer of oil. The planned subsidiary will conduct sales and look for opportunities to take stakes in refining and petrochemical projects in the country.
The company’s Chief Executive will also hold a meeting with the Indian Prime Minister next week to discuss investment projects in oil and gas industry.
Saudi Aramco was reportedly in talks with Indian authorities regarding a share in a planned 1.2 million b/d refinery on India’s west coast earlier this year.
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