Saudi Aramco expects to boost capital expenditure by about 10%

The plans to increase investment come as Aramco prepares for an international IPO



Oil giant Saudi Aramco expects to increase its capital spending budget by almost 10 percent in its next financial year, a senior vice president at the state-owned company said on Thursday.

The plans to increase investment come as Aramco prepares for a much-vaunted international IPO as Saudi Arabia’s Crown Prince Mohammed bin Salman pushes reforms to make the kingdom less reliant on oil.

Aramco’s senior vice president of technical affairs, Ahmad al-Sa’adi, told a business conference on Thursday that the company’s allocation for capital spending in its current financial year is almost SAR350bn ($93.31bn) and would rise by about 10 per cent the following year.

Al-Sa’adi added that the increased spending will provide big opportunities for Saudi businesses looking to increase their involvement in Aramco projects.

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