How Saudi Arabia’s $2T oil company plans on being a world-beater – CNBC

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President and Chief Executive Amin Hassan Nasser told journalists that the company – which recently announced it’s to sell a 5 percent stake – was still looking to expand its oil operations and was also looking at new joint ventures in the U.S., India, China and Indonesia. He also said that the company expects to add 500,000 jobs over the coming decade, currently it employs 66,000 people.

Presenting the Saudi Aramco strategy at the press conference, the company said that “by 2020, we intend to be the world leading integrated energy and chemicals company, focused on maximizing value creation across the hydrocarbon chain, facilitating the sustainable expansion of the Kingdom’s economy and enabling a vibrant Saudi energy sector.”

He also told reporters that demand for Saudi Aramco’s oil is increasing and the company was ramping up production to meet that demand.

“We will meet the call on Saudi Aramco … The trend is increasing,” he told reporters, according to Reuters. “We are seeing demand growth in different places. We are seeing increases in India, in the U.S., and we are meeting that call on us.” He added that he expected total oil demand to climb by 1.2 million barrels per day this year.

Nasser’s comments come after Saudi Aramco’s ChairmanKhalid al-Falih was made Saudi Arabia’s new energy minister at the weekend, replacing Ali al-Naimi who had held the post since 1995.

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The comments also come after a U.K. newspaper reported that Saudi Aramco was planning a 3-way listing in New York, London and Hong Kong and planned to sell a 5 percent stake in the firm. The Telegraph newspaper said on Monday that the state-run oil company was hoping to lure ExxonMobil, China’s Sinopec and BP into buying into the company.

Nasser said that the company was looking at the logistics of an Initial Public Offering (IPO) but would not comment on speculation over targeted buyers.

“Right now we are just looking at how much to list and where to list at this stage and until now there is no discussion about stakes by this company or that and now we are just looking at where to list.”

“As Saudi Aramco we are not talking to any of these companies about the listing of Aramco,” he insisted.

How Saudi Arabia’s $2T oil company plans on being a world-beater – CNBC