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Sat 17 Sep 2016 07:43 AM

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Japan won't invest in Saudi Aramco IPO, says PM

Shinzo Abe backs away from huge listing, but adviser flags 'cooperation in new industries'

Japan won't invest in Saudi Aramco IPO, says PM
Saudi Aramco

Japan's government has no plan to invest in state-run oil
firm Saudi Aramco's planned initial public offering, an adviser to Japanese
Prime Minister Shinzo Abe said on Friday.

But Yasutoshi Nishimura said in an interview that Japan may
jointly invest with Saudi Arabia's government in industrial ventures in the
kingdom to help its drive to develop non-oil industries.

"Japan will not invest in Saudi Aramco. Rather, Japan
will likely be cooperating in new industries...to reflect Saudi Arabia's
intention to develop new and non-energy industries,"he told Reuters.

In April, Saudi Arabia launched radical economic reforms
designed to develop non-oil industries to cut its reliance on oil exports and
attract billions of dollars of foreign investment.

The centerpiece of the reforms is the sale of a stake in
Saudi Aramco, which some sources said could be valued as high as $4 trillion.

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