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Tue 27 Sep 2016 10:47 AM

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Aramco considering several foreign exchanges for 2018 listing - CEO

CEO Amin Nasser said company was working with Chinese partners to look at locations for oil storage

Aramco considering several foreign exchanges for 2018 listing - CEO
Saudi Aramco CEO Amin Nasser. (Ian Timberlake/AFP/Getty Images)

Saudi Aramco continues to look at several overseas exchanges including New York, Hong Kong and London for a listing in 2018 of a part of the state-owned oil company, CEO Amin Nasser said.

Saudi Arabia announced its "Vision 2030" plan, aimed at ending the kingdom's reliance on oil, including a proposed conversion of Aramco into an energy holding company and selling up to 5 percent of the company in an initial public share offering (IPO).

"This thing will happen in 2018," he told reporters on the sidelines of a conference in Dubai.

He added that the company was working with Chinese partners to look at locations for oil storage, and wanted to boost its oil recovery rate to 70 percent from 50 to 55 percent currently.

Mohammed al-Qahtani, the oil giant's senior vice president of upstream Saudi Aramco was "recruiting steadily" and hadn't laid off staff, said on Monday.

"We are steady in our plans, we are the only company that weathered through this environment unchanged," he told a conference in Dubai.

As part of its local focus for the supply chain, Aramco aims to create around 500,000 direct and indirect jobs for Saudi nationals.

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