Saudi Aramco is looking to expand in the US where President Donald Trump’s tax cuts and support for the oil industry are making business increasingly attractive.
“We are looking at new business opportunities in the US and with the tax cuts it will make it much more profitable … It is part of our strategy to grow our business in the US,” Amin Nasser, CEO, Saudi Aramco told Reuters.
Aramco already controls a large refinery in Texas, after it bought over partner Shell’s stakes in Motiva in March 2016.
“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 US economy is growing, we are happy,” Nasser said on the sidelines of the World Economic Forum in Davos.
“The whole oil industry is benefiting from the current (US) administration,” Nasser said.
Nasser’s remarks come even as concerns grow about oversupply of US shale oil, as oil production becomes more profitable in the wake of $70 a barrel oil prices.
Aramco is also preparing to launch what could be the world’s largest initial public offer (IPO) and is considering listing its shares in New York among several possible exchanges.
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