Saudi Aramco, a Saudi Arabia based Oil firm is planning to expand itself worldwide specially in countries like India, China, Indonesia, US, Vietnam, and so on. The sole motto for expansion is the downfall of prices of Crude Oil and related energy sector. The company is planning to sell off its 5% stake through Initial Public Offering (IPO).

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Currently the respective Saudi based company produces 9.5 million barrels per day and exports 2.5 billion crude oil in an annual basis. Gross production being at such satisfactory rate, the firm is trying a balance crude oil quality and mature oil fields. It also further plans to increase its capacity to 250,000 billions bpd to 1 million  bpd.

According to Amin Nasser, CEO, Saudi Aramco, We are looking at the current market status that, even though challenging, is an excellent opportunity for growth. During summer, the West Asian country burns oil in power plants because air conditioning usage increases. Saudi state-run oil company expects global demand to grow by 1.2 million barrels per day this year.

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The above statement was given in a rare media conference in Dhahrun in Damam City, Saudi. On a further note, Crown Prince of Saudi Arabia, Mohammed Bin Salman, opined that,  “Arab nation could increase oil output to more than 11 million barrels per day since its arch rival Iran is still struggling to recover its lost share in the market after sanctions were lifted.” as stated in Financial Times .

In the front on meeting with media, the higher authoritative officials conveyed that its upcoming project of ship building and repairing complex in Ras al-Khair is likely to create more than 80,000 jobs opportunity which will eventually help in reduction of country’s imports by $12 billions.

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