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Saudi Aramco To Expand Business In The U.S. After Tax Bill

Refinery

Saudi Aramco will expand its operations in the United States due to President Donald Trump’s pro-fossil fuel policies, the state-run giant’s CEO told Reuters.

“We are looking at new business opportunities in the U.S. and with the tax cuts it will make it much more profitable ... It is part of our strategy to grow our business in the U.S.,” Amin Nasser said in an interview during the World Economic Forum in Davos. “The Trump administration has been positive towards the energy industry. As long as what they are doing is in the interest of all and the U.S. economy is growing, we are happy. The whole oil industry is benefiting from the current administration.”

The New York Stock Exchange (NYSE) is in the running to host Saudi Aramco’s initial public offering listing, set to go live either later this year or in early 2019. Riyadh recently released the shortlist for exchanges being considered for the listing, and indeed the list was short. Other than the major American financial center, just London and Hong Kong made the list of potential hosts for the lucrative IPO—on track to be the largest in financial history.

Hong Kong is confident about its chances to win the listing, according to emerging reports. Even if Hong Kong doesn’t make the cut for the initial offering, the bourse is confident that Aramco will decide in favor of a secondary international listing there.

"A deal in Hong Kong with the possibility of accessing, either now or later, the Chinese investing public works wonders for Saudi Arabia, for China, for Hong Kong and for everybody else," Hong Kong exchange chief Charles Li said. "So, I don't see any reason why it shouldn't be here, it may not be here right away, it may not be here on the first go, but it will be here."

By Zainab Calcuttawala for Oilprice.com



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