Saudi Oil Giant Cites Trump’s Tax Cuts For Major US Expansion
A Saudi oil company CEO cited President Donald Trump’s tax cuts as the reason for his company’s decision to expand its operations into the U.S.
“We are looking at new business opportunities in the U.S. and with the tax cuts it will make it much more profitable … It is part of our strategy to grow our business in the U.S.,” Amin Nasser told reporters with Reuters about Saudi Aramco’s decision to expand its U.S. operations.
“The Trump administration has been positive towards the energy industry,” he said during an interview Thursday at the World Economic Forum in Davos, Switzerland. So long as Trump’s policies help the world and “U.S. economy is growing, we are happy,” he added.
Aramco currently controls a large refinery in Texas. But it is now planning to launch what could be the world’s largest initial public offer (IPO), and considering listing shares of the company in New York stock exchange.
Nasser suggested the New York stock exchange generated the most liquidity around the world, but noted that greasing the grinds of business requires a favorable regulatory scheme as well.
“Of course, the New York stock exchange is the best in terms of liquidity. But it is not just the question of liquidity,” he said. “It is also about other rules and regulations and the ease of doing business in these markets.”
“The whole oil industry is benefiting from the current administration,” said Nasser, who was speaking to reporters a day before Trump is expected to speak at the forum, which is littered with world leaders and media sophisticates using the conference to talk global warming.
Trump campaigned for reducing corporate and individual tax rates during the 2016 campaign. The lowest income earners, under the Republican bill, pay 10 percent and the highest income earners will pay 37 percent. Tax breaks for individuals expire in 2026.
It also cuts the rates for American businesses, permanently lowers the corporate income tax rate to 21 percent and solidifies a rate for corporations to repatriate capital from overseas. Energy producers and other major manufacturing companies championed the tax deal as well.
AT&T announced they would “invest an additional $1 billion in the United States in 2018 and pay a special $1,000 bonus to more than 200,000 AT&T U.S. employees.” Comcast also plans on giving hundreds of thousands of employees $1,000 bonuses and investing $50 billion into jobs and infrastructure.
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