Aramco President and CEO Amin Nasser (C) chats with colleagues before addressing visiting journalists at the company headquarters, on May 10, 2016. AFP / IAN TIMBERLAKE
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Saudi Arabia's state-owned oil giant is finalizing options for its partial privatization and will present them to its Supreme Council soon, its chief executive said about the centerpiece of the kingdom's efforts to overhaul its economy. The company has a huge team working on the proposals for the initial public offering of less than 5 percent of the company's value, which include a single domestic listing and a dual listing with a foreign market, CEO Amin Nasser said Tuesday.Any valuation would account for both oil price expectations and the size of Saudi Arabia's proven oil reserves.Aramco also had 403 billion barrels of reserves it could probably extract, they said, adding that it hoped to add another 100 billion barrels to total reserves by 2025 by increasing the recovery rate by 50-70 percent using new technology.The increased capacity of 250,000 bpd, taking Shaybah's total production capacity to 1 million bpd, is aimed at rebalancing Saudi Arabia's crude oil quality and at compensating for falling output at other fields as they mature.
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