Saudi Aramco private investment plan voluntary, not state imposed, says CEO
"This is a voluntary programme. It's on the private sector to bring these projects, to ask for incentives," Aramco Chief Executive Amin Nasser said
A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. Reuters/Maxim Shemetov
Saudi Aramco said on Wednesday the government had no plans to impose private partnerships on the oil giant, after it launched a programme to support private investment in the kingdom as part of Saudi Arabia's diversification push.
"This is a voluntary programme. It's on the private sector to bring these projects, to ask for incentives," Aramco Chief Executive Amin Nasser told Reuters in an interview about the newly launched Shareek (Partner) programme.
He promised Aramco's shareholders, who include a small minority of private investors since the company was listed, that the firm would set prudent capital allocation and cost criteria.
