Saudi Aramco private investment plan voluntary, not state-imposed, says CEO


Reuters | London | Updated: 31-03-2021 17:33 IST | Created: 31-03-2021 17:28 IST
Saudi Aramco private investment plan voluntary, not state-imposed, says CEO
Representative image Image Credit: Twitter (@Saudi_Aramco)
  • Country:
  • United Kingdom

Saudi Aramco said on Wednesday the government had no plans to impose private partnerships on the oil giant after it launched a programme to support private investment in the kingdom as part of Saudi Arabia's diversification push.

"This is a voluntary programme. It's on the private sector to bring these projects, to ask for incentives," Aramco Chief Executive Amin Nasser told Reuters in an interview about the newly launched Shareek (Partner) programme.

He promised Aramco's shareholders, who include a small minority of private investors since the company was listed, that the firm would set prudent capital allocation and cost criteria.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Give Feedback