(MENAFN)As part of its Asian expansion, Saudi Aramco, the state oil company of Saudi Arabia, is considering entering India, Nikkei said on Tuesday, citing Aramco's CEO who said that plans for an Indian refinery are crystallizing.
"Saudi Aramco is looking at additional investments in China, and India is also a very important destination which we are giving great consideration, and (where we are) currently in discussion with some companies," Aramco CEO Amin Nasser told the Nikkei Asian Review in an interview.
5 percent of Aramco will be sold, in the hope of raise some USD100 billion or more in what would mostly be the biggest initial public offer (IPO) worldwide.
"At the moment, we are prepared for a listing in the second half of 2018," Nasser confirmed to Nikkei.
Aramco might be listed on one or more foreign markets such as New York, London and Hong Kong in addition to Riyadh, which would boost the company's global profile and reduce the strain on the Saudi market, according to Saudi officials.
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