Saudi Aramco is looking to spend approximately $300 billion over the next ten years to expand its upstream operations, the company’s CEO, Amin Nasser, said at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), according to Reuters.
“This is mainly upstream, onshore, offshore and joint ventures in the kingdom and out of the kingdom,” he stated.
Last week a senior official with the company indicated that it planned to increase its capital expenditures by approximately 10% next year, Reuters reported at the time. This year, the company budgeted $93.31 billion for capital spending.
Earlier this week, Saudi Aramco announced $4.5 billion in deals, primarily aimed at expanding its natural gas capacity, Reuters reported.
Saudi Aramco is planning an initial public offering (IPO) of up to 5% of its valuation next year. The location of the listing has yet to be announced, but Nasser indicated that the decision could be made soon, according to Reuters.
London, New York City, and Hong Kong are considered the top contenders for the primary IPO location, according to Reuters.