Japan PM adviser says no government plan to invest in Saudi Aramco

September 16, 2016 4:50 AM EDT

Oil tanks seen at the Saudi Aramco headquarters during a media tour at Damam city November 11, 2007. REUTERS/ Ali Jarekji/File Photo


Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.

TOKYO (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 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 centerpiece 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)



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In






Related Categories

Reuters

Related Entities

IPO

Add Your Comment