Saudi Aramco considering expansion to India

RIYADH, Jan 30 (Reuters): Saudi Aramco, the state oil company of Saudi Arabia, is considering entering India as part of its Asian expansion, Nikkei said on Tuesday, citing Aramco's CEO who said that plans for an Indian refinery are crystallising.

"Saudi Aramco is looking at additional investments in China, and India is also a very important destination which we are giving great consideration, and (where we are) currently in discussion with some companies," Aramco CEO Amin Nasser told the Nikkei Asian Review in an interview.

The Saudi government has said it plans to sell about 5 per cent of Aramco, hoping to raise some $100 billion or more in what would likely be the world's biggest initial public offer (IPO).

"At the moment, we are prepared for a listing in the second half of 2018," Nasser confirmed to Nikkei.

Saudi officials have said they may list Aramco on one or more foreign markets such as New York, London and Hong Kong in addition to Riyadh, which would boost the company's global profile and reduce the strain on the Saudi market.

Another report from London adds: Oil fell on Tuesday for a second day as a strengthening dollar dented risk-linked assets such as equities and other commodities, together with rising US output, pushing the price below $69 a barrel for the first time in six days.