Saudi Aramco plans to transform itself into international energy company
Company will expand overseas
For its entire existence, the purpose of Saudi Aramco was to extract and sell Saudi Arabian oil to the world. Now the company plans to transform itself into an international oil and gas explorer and producer, according to oil minister Khalid al Falih.
In an interview with the FT he said they were no longer going to be inward looking.
"Going forward the world is going to be Saudi Aramco's playground," he said, adding that the plan was to transform into something like Royal Dutch Shell or Exxon Mobil.
Aramco owns some foreign refineries and petrochemical companies but has never ventured into exploration and production. The first step, he said, will be into gas. They have some interests in the US and Russia but he mentioned Australia as a possible investment destination as well.
WTI is up $1.07 to $53.49 today and may have formed a double bottom at $51.33.