Riyadh – Mubasher: The Saudi Arabian Oil Co, known globally as Saudi Aramco forecasted an increase in its capital expenses by 10% in the coming fiscal year, Reuters on Thursday reported, citing the senior vice president as saying.

In the current fiscal year, Aramco’s budget amounted to SAR 350 billion ($93.31 billion), and will grow by 10% in the coming fiscal year, Aramco’s senior vice president of technical affairs, Ahmad Al-Sa‘adi stated.

“The increased spending will provide big opportunities for Saudi businesses looking to increase their involvement in Aramco projects,” Al-Sa’adi added.

The largest international oil firm plans to implement an initial public offering (IPO) for a 5% stake of it, aiming to make the Kingdom less reliant on oil.