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Tue 11 Oct 2016 12:41 PM

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Saudi Aramco IPO likely in 2018, says CEO

Amin Nasser said the company plans to invest $300 billion over the next decade, with the focus on gas.

Saudi Aramco IPO likely in 2018, says CEO
Saudi Aramco CEO Amin Nasser. (Ian Timberlake/AFP/Getty Images)

Saudi Aramco feels "comfortable" that by 2018 oil prices will have recovered and the market conditions will be right for what could be the world's largest public listing, its chief executive Amin Nasser said on Tuesday.

Speaking at the World Energy Congress in Istanbul, Nasser said that all markets were still being considered for the initial public offering (IPO) of up to 5 percent of Aramco. He also said the company plans to invest $300 billion over the next decade, with the focus on gas.

Saudi's Deputy Crown Prince, Mohammed bin Salman, unveiled ambitious plans earlier this year aimed at ending the country's "addiction" to oil and transforming it into a global investment power. The listing of less than 5 percent of state-run Aramco is a centrepiece of that effort.