Saudi Arabia’s state-owned oil giant Aramco is seeking to expand globally via joint ventures overseas as it prepares for a partial privatisation pushed by a government intent on diversifying the economy.

The company is looking at opportunities in the US, India, Indo-nesia, Vietnam and China, CEO Amin Nasser said.

“We are looking at the current market status that, even though challenging, is an exc-ellent opportunity for growth,” he said, adding that he believed an extra 1.2 million barrels per day would be added to global oil demand this year.

Changes to Saudi Aramco lie at the heart of plans for a radical overhaul of the kingdom’s economy to meet the challenge of expected lower oil prices.

Saudi Arabia is expected to sell up to five per cent of Aramco via an IPO and has asked the company to play a big role in developing projects aimed at dive-rsifying the oil-centred economy.