Saudi Aramco plans further spending cuts to pay for dividend: Report

Saudi Aramco plans to cut its capital spending to a range of $20 billion to $25 billion this year to pay a $75 billion dividend it pledged to investors during its initial public offering last year, the Financial Times reported on Wednesday, citing people familiar with the matter.

The report says the new level of capital spending is largely dedicated to the state-owned group's exploration and production business and will hold for the next three years. ALSO READ: Aramco doing due diligence for buying 20% stake in Reliance's.....

This article is no longer available in our repository.

There could be multiple reasons for this.