Saudi Arabia's state-owned oil company Saudi Aramco intends to spend about $300 billion on oil and gas exploration and production projects within next 10 years. According to Saudi Aramco’s CEO Amin Nasser, the company’s refining capacity is set to rise to 8-10 million barrels per day from current 5 million barrels per day.
Nesser also said he is planning to offer up to 5% of Aramco in the IPO as part of the kingdom’s Vision 2030 program, Saudi Arabia's Crown Prince Mohammed bin Salman’s plan to diversify the kingdom's economy and reduce its dependence on oil.
The decision on how many shares of Saudi Arabian Oil Co. will be offered in the IPO and on what exchanges it will take place will be announced later.
Saudi Aramco aims to list shares on the Saudi Stock Exchange, known as the Tadawul, and will select one or two international venues.