Saudi Aramco plans to spend about $300 billion in oil and natural gas upstream projects over ten years, the company's CEO Amin Nasser said on Monday.
Speaking at the Abu Dhabi Petroleum Exhibition & Conference, Nasser said that investments would be made on onshore and offshore upstream activities both in and outside the kingdom.
Nasser announced that a decision would be made soon on the location for the listing of shares in the oil giant.
Saudi Aramco, the world's largest oil company, plans to list its shares on the Saudi domestic stock market, the Tadawul, and one or more foreign exchanges. It is not yet clear where Aramco would prefer to list its shares. The New York Stock Exchange and London stock market are considered along with Hong Kong and Tokyo markets.
Riyadh targets earning $100 billion by offering 5 percent of Aramco to the public, which would put the market capitalization of the firm at around $2 trillion.
Previously, Fitch Ratings, the global ratings agency, affirmed Saudi Arabia's credit rating at 'A+' with a stable outlook.
Reporting by Ahmed Süleyman in Abu Dhabi
Writing by Muhsin Baris Tiryakioglu
Anadolu Agency
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