Saudi Aramco looks to enter int’l oil, gas business

14 February, 2019 12:00 AM printer

RIYADH: Saudi Aramco, the world’s biggest crude exporter, has ambitions to become a global energy company such as Exxon Mobil or Shell, as it looks to develop international exploration and production, report agencies.

“We are no longer going to be inward-looking and focused only on monetising the kingdom’s resources,” Energy Minister Khalid Al Falih told the Financial Times. "Going forward, the world is going to be Saudi Aramco’s playground.”

Aramco, which produces all of the kingdom’s crude resources on behalf of the state, has largely restricted itself to developing resources domestically and has not ventured abroad upstream. In recent years, the state producer acquired refining and chemical assets abroad as part of its pivot towards leveraging its downstream portfolio and locking in long-term market share for its crude.

Aramco has been working towards its transformation as an international energy company, notably announcing its intention to list about 5 per cent of the company – a move that has been delayed following plans to acquire 70 per cent of downstream producer Sabic.

When asked if Aramco had intentions to become an integrated global company taking after Big Oil companies such as Anglo-Dutch major Shell or Exxon Mobil, scouting for oil and gas assets abroad, Mr Al Falih replied, “correct”.