The CEO of Aramco, the world’s largest energy company, told Reuters on Thursday in Davos that the Saudi-based company is expanding operations in the United States and launching an Initial Public Offering (IPO) thanks to President Donald Trump’s fiscally conservative policies.
“We are looking at new business opportunities in the U.S. and with the tax cuts it will make it much more profitable … It is part of our strategy to grow our business in the U.S.,” CEO Amin Nasser said in the interview.
“The Trump administration has been positive towards the energy industry. As long as what they are doing is in the interest of all and the U.S. economy is growing, we are happy,” Nasser claimed at the World Economic Forum in Davos, Switzerland.
The company is now planning to launch what could be the world’s largest IPO in the second half of 2018. According to CNBC, the sale of roughly 5 percent of Aramco is expected to value the company at $1-2 trillion. The IPO is part of Saudi Arabia’s plan to create the world’s largest sovereign wealth fund and diversify Saudi Arabia’s oil-dependent economy.