By September 16, 2016 Read More →

Japan PM adviser says no gov’t plan to invest in Saudi Aramco

Saudi Aramco

Japan does not have plans to invest in Saudi Aramco, however, the country may jointly invest with the kingdom in industrial ventures to develop non-oil industries. Reuters photo by Ali Jarekji.

Saudi Aramco IPO could be valued at $4 trillion

TOKYO, Sept 16 (Reuters) – Japan’s government has no plan to invest in state-run oil firm Saudi Aramco’s planned initial public offering, an adviser to Japanese Prime Minister Shinzo Abe said on Friday.

But Yasutoshi Nishimura, State Minister of Cabinet Office, said in an interview that Japan may jointly invest with Saudi Arabia’s government in industrial ventures in the kingdom to help its drive to develop non-oil industries.

“Japan will not invest in Saudi Aramco. Rather, Japan will likely be cooperating in new industries…to reflect Saudi Arabia’s intention to develop new and non-energy industries,” he told Reuters.

In April, Saudi Arabia launched radical economic reforms designed to develop non-oil industries to cut its reliance on oil exports and attract billions of dollars of foreign investment.

The centrepiece of the reforms is the sale of a stake in Saudi Aramco, which some sources said could be valued as high as $4 trillion.

(Reporting by Izumi Nakagawa and Ami Miyazaki, Writing by Yuka Obayashi; Editing by Ed Davies)

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