Listing on multiple exchanges: Falih

RIYADH: Saudi Aramco is likely to list its shares simultaneously on more than one exchange but this is still under evaluation, Energy Minister Khalid Al Falih said.

Asked by reporters if Aramco would list first on the Saudi bourse and then on another exchange abroad, Falih said: 'It will probably be done concurrently, but we have not announced. We are evaluating. All our options are open.' The planned listing next year of up to 5 per cent of Aramco, expected to be the world’s biggest initial public offer of shares, is a centrepiece of the Saudi government’s plan to diversify the economy beyond oil.

Oman Oil targets $1bn capex

MUSCAT: State-run Oman Oil Company (OOC) is planning a capital investment in excess of $1 billion across its subsidiaries this year, a report said. Capital investments are being weighed by the Group across the four verticals into which its diverse subsidiaries have been grouped, OOC’s chief executive officer, Isam Saud al Zadjali was quoted as saying in the Oman Observer report. Among the first ventures to advance will be the LPG Extraction Project of Salalah LPG (SLPG), a wholly owned subsidiary of Oman Oil Facilities Development Company LLC (OOFDC), one of the four verticals of the Group, the report said. UK-based international oil services contractor Petrofac has been awarded a contract to construct the 327,000 tonnes per year capacity plant at the Salalah Free Zone at a cost of around $600 million.

Iran extends bids deadline

TEHRAN: Iran has extended a deadline for bids on oil and gas projects, urging BP to join the bidding process, a report said.

The deadline for bids had been pushed back to February 15, National Iranian Oil Company head Ali Kardor, was quoted as saying by breitbart.com, which cited Isna.

He said the original late January deadline had been extended because 'information from some companies was not complete'.

Egypt plans solar plant for industries

CAIRO: Egypt plans to establish a new solar energy project for industrial purposes, said Minister of Industry and Trade Tarek Kabil. The $6.6 million project will be established with the cooperation of the United Nations Industrial Development Organization (Unido) and New and Renewable Energy Authority. The project will be financed by the Global Environment Facility.