JEDDAH: Saudi Aramco has no plans to lay off staff because of the low oil price, said Amin Al-Nasser, chief executive officer of the company at a meeting with journalists.
Al-Naser said the company is not in financial difficulty and has several projects in the pipeline to increase oil and gas production, and explore gas reserves. The company is also embarking on plans for an initial public offering (IPO) of 5 percent of the company, as outlined in Vision 2030, and has set up teams to oversee the process.
The oil giant is gaining market share and pushing for greater efficiency, Nasser told Reuters, as it acts as a “bridge” to a future when the nation relies less on energy exports.
Al-Nasser said the group was pressing on with preparations for its partial privatization via a stock market listing, which he said lay at the heart of Vision 2030.
“We are preserving our market share which continues to increase year-on-year,” he said. “This year, as last year, it is increasing. Our market share is picking up,” he added.
Al-Nasser said he expects prices to “trend upward by the end of the year” as global demand picks up and production from high-cost producers, such as shale oil and deep water offshore fields, falls.
“Listing Saudi Aramco is in the heart of Vision 2030. We are seriously working on the IPO,” Al-Nasser said. “Of course, the oil and gas sector will be the bridge to the long-term and we need to maximize our revenue by introducing more efficiency in the sector.”
He added: “Vision 2030 isn’t saying no to oil. What we need is to diversify our economy and we should have a more sustainable economy because we shouldn’t be totally dependent on one commodity.”
No layoffs: Aramco chief
No layoffs: Aramco chief
