Economy

Saudi Aramco to IPO in 2018

"But what you mention in particular - nothing from Saudi Aramco", Nasser told reporters in Moscow, when asked about the possibility of investing in the Novatek LNG project, known as Arctic LNG-2.

THE STOCK market flotation of part of state-owned oil behemoth Saudi Aramco is still set for 2018, the Saudi Arabian oil minister said yesterday.

Saudi authorities are now in Russian Federation working on a number of agreements, as well as attending a forum on the energy industry in Moscow, Gulf Business said.

Quoting multiple sources, a news wire Reuters report said that "Saudi Aramco will open an Indian subsidiary next week, as the global oil exporter looks to tap rising demand and invest in the world's third-biggest consumer".

"Work is ongoing to list Saudi Aramco in 2018", Aramco´s Chief Executive Amin Nasser said at an energy forum in Moscow.

Notwithstanding reports of a slowdown in the country's industrial growth, the future of India's petroleum sector continues to be upbeat. Top bidders include the New York, Londong and Hong Kong exchanges, Gulf Business reported. Saudi Arabia has shown interest in purchasing the S-400 missile systems, Russian Deputy Prime Minister Dmitry Rogozin said on Thursday.

Al-Falih and other Aramco officials are now accompanying Saudi Arabia's King Salman bin Abdulaziz on a historic visit to Russian Federation as part of efforts to deepen ties between the world's two biggest oil producers.

Gazprom Neft has signed a memorandum of cooperation with Saudi Aramco, the national oil company of Saudi Arabia, to extend their partnership in oil and gas industry. Another US$1 billion will go into a joint investment fund focused on energy, including renewables.

The Russian Direct Investment Fund (RDIF) will also sign an MoU with Aramco and Saudi's Public Investment Fund (PIF) for investments in energy services and manufacturing, one of the sources said.

Furthermore, according to the signed document the two parties could collaborate on the production of equipment for oil and gas field development, by localising production either in Russian Federation or Saudi Arabia.



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