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Aramco expects to boost capital spending by about 10 percent

Reuters  |  DAMMAM, Saudi Arabia 

By Reem ShamseddineDAMMAM, Saudi Arabia (Reuters) - Oil giant Saudi Aramco expects to increase its capital spending budget by almost 10 percent in its next financial year, a top official at the state-owned company said.The plans to increase investment come as Aramco prepares for an international initial public offering (IPO) as part of Saudi Arabia's Crown Prince Mohammed bin Salman reforms to make the kingdom less reliant on oil.Aramco's senior vice president of technical services, Ahmad al-Sa'adi, told a business conference on Thursday that the company's allocation for capital spending in ...

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First Published: Fri, November 10 2017. 01:41 IST