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Saudi Aramco said that international investors had snatched up the majority of shares sold in its latest offering, which was expected to raise $11.2 billion.
Oil giant Aramco reported a 24.7 percent decline in profits in 2023 compared to the previous year, as a result of lower oil prices and production cuts.
The expansion will see the addition of a new platform to increase the oil and gas output at the facility to 800,000 barrels of oil per day.
Saudi Arabia has added billions to the pockets of its sovereign wealth fund by moving four percent of shares from the country's oil giant Aramco.
Saudi Aramco's profitable results in 2022 were predominantly due to "the impact of higher crude oil prices and volumes sold, and stronger refining margins," according to the energy giant.
Saudi Aramco has agreed to take a minority stake in Renault Group and Geely’s planned combustion-engine venture as the oil giant seeks to expand into transport technologies.
Aramco president and CEO Amin Nasser cautioned that the company's outlook remained uncertain due in part to 'geopolitical factors'.
The announcement came hours after Yemen's Houthi rebels targeted several locations, including Aramco facilities, in cross-border armed drone attacks.
Saudi energy giant Aramco saw its shares hit a record high on Thursday, as global oil prices spiked amid Russia's invasion of Ukraine.
India company Reliance has pulled out of a multi-billion dollar deal with Saudi oil giant Aramco.