Aramco plans to invest $300 bln in upstream over 10 years, says Nasser

State-owned Saudi Aramco is planning to spend about $300 billion on upstream oil and gas projects over the next decade, Reuters reported on Monday, citing chief executive Amin Nasser.

“This is mainly upstream, onshore, offshore and joint ventures in the Kingdom and out of the Kingdom,” Nasser said at ADIPEC energy conference in Abu Dhabi.

Last month, Crown Prince Mohammad bin Salman said the planned initial public offering of the giant oil producer was on track to proceed in 2018, , after reports claiming a possible delay into 2019.

Riyadh plans to sell five percent of Aramco shares next year, in what is expected to be the world’s largest ever IPO. The Kingdom expects the state oil company to be valued at more than $2 trillion.