Saudi Arabia's energy minister Khalid Al-Falih said the drop in oil prices is an opportunity for state-owned Saudi Aramco to boost its level of fiscal discipline. In an interview with Al-Eqtisadiah on Wednesday, Al-Falih added that Aramco has modified its short-term plans, including postponing some projects that are not of high priority. But this would not affect its long-term strategy, he added. The kingdom is meanwhile evaluating the initial public offering (IPO) of a 5 percent stake only in Aramco, he said, adding the company would disclose its financial statements as planned in 2017. Going forward, the kingdom will look at privatizing other segments, such as power generation. Al-Falih said amid plans for expanding investments in Asia, Aramco was also looking at explorations and production abroad, while focusing on natural gas and liquefied natural gas production.
