Saudi Arabia’s state oil company, Aramco, is raising output levels to capture more customers as it pushes ahead with Initial Public Offerings (IPOs), Financial Times reported. According to the company’s Chief Executive Officer, Nassir Amin, the proposals for the partial privatization will be presented “soon” to the Supreme Council, Reuters wrote.
Amin, speaking to reporters during a rare media visit to the company’s extensive, well-guarded Dhahran headquarters, emphasized the company’s willingness to compete with rivals, putting oil producers from regional adversary Iran to US shale producers on notice. “Whatever the call on Saudi Aramco, we will meet it,” he said.
Moreover, he explained that Saudi Aramco is also looking to to expand globally via joint ventures in Asia and North America. “We are looking at the current market status that, even though challenging, is an excellent opportunity for growth,” Nasser said, adding that he was looking at opportunities in the United States, India, Indonesia, Vietnam and China.