Japan seeks Saudi support for Aramco’s Tokyo listing

tokyo — Japan’s Prime Minister Shinzo Abe asked the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz of Saudi Arabia on Monday to support a listing of oil giant Aramco’s shares in Tokyo, as financial centres in Asia and elsewhere step up efforts to win the coveted $100 billion listing.

Abe made the request for support on the Aramco listing to the Saudi monarch, who responded by saying the kingdom would look into the request because he wants Japanese investors to buy Aramco shares, Japan’s Deputy Chief Cabinet Secretary Kotaro Nogami told reporters.

The two leaders met on Monday, the second day of the king’s visit to Japan, part of a monthlong Asian tour.

Separately, the governments of Japan and Saudi Arabia said in a joint statement that Aramco and the Tokyo Stock Exchange (TSE) are considering setting up a joint group to study a Japan listing for the Saudi oil giant.

Saudi authorities plan to list up to five per cent of the world’s largest oil producer on the Saudi stock exchange in Riyadh, the Tadawul, and also one or more international markets. Besides Tokyo, markets in New York, London, Hong Kong, Singapore and Toronto, are vying for what could be the world’s largest IPO, potentially raising as much as $100 billion. —

tokyo — The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud of Saudi Arabia, and hundreds of business leaders are in Japan for talks on Monday mainly expected to focus on economic ties.

The visit is the first by a Saudi king in 46 years, though Salman visited more recently as crown prince. Saudi Arabia is one of Japan’s biggest suppliers of crude oil, accounting for about a third of its total imports of oil from the Middle East.

The kingdom is striving to diversify its economy away from its heavy reliance on oil exports, and Salman is on a month-long tour of Asia to advance his kingdom’s economic and business interests.

Japan’s chief cabinet secretary Yoshihide Suga told reporters on Monday that Japan is willing to provide support for the economic power in the Middle East.

“We will discuss growth strategy, including our ‘Saudi Vision’ project,” he said, referring to Japanese collaboration with Vision 2030, a roadmap adopted by the kingdom last year for its development and economic objectives

He did not confirm reports that the countries would agree to set up a special economic zone in Saudi Arabia.

Salman met with Japanese Foreign — AP Minister Fumio Kishida and was to meet Prime Minister Shinzo Abe later on Monday.

Reports say Japan plans to urge that Saudi Aramco seek a share listing on the Tokyo Stock Exchange.

Separately, Saudi Arabia’s sovereign wealth fund and Japanese

We will discuss growth strategy, including our ‘Saudi Vision’ project Yoshihide Suga, Japan’s chief cabinet secretary

telecoms provider and energy company Softbank have joined forces in setting up a $25 billion private fund for technology investments.

Trade between the countries fell overall last year as oil prices dropped. Japan’s 2.1 trillion yen ($18.6 billion) in imports from Saudi Arabia in 2016, mostly oil and gas, dwarfed its exports of 546.3 billion yen ($4.8 billion).

Salman’s stop in Japan follows visits to Indonesia and Malaysia. He is due to travel on to Brunei, China and the Maldives.

While seeking investment and help with Saudi industrialisation and development of its services sector, Salman has also offered help. Earlier, he pledged $1 billion in development finance for Indonesia and closer cooperation for combating transnational crime such as human trafficking, terrorism and the drugs trade.