Saudi Arabia may sell 1% of Aramco to a ‘leading global energy company’ – crown prince — RT Business News

Saudi authorities are at present negotiating a sale of 1% of state-owned oil firm Saudi Aramco to an unnamed energy main, in accordance to Crown Prince Mohammed bin Salman.

“I don’t want to give any promises, but there’s a discussion for the acquisition of a 1% stake by a leading global energy company,” bin Salman mentioned in an interview on Saudi tv.

He added that the world’s largest oil firm might sell shares to worldwide traders inside the subsequent 12 months or two. The prince didn’t title the corporate however mentioned it’s from a “huge” nation.

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According to bin Salman, some Aramco shares earmarked on the market to a international investor could possibly be transferred to the Public Investment Fund, the dominion’s sovereign wealth fund, whereas some may be listed on the Saudi inventory market. Over 98% of Saudi Aramco’s shares are owned by the Saudi authorities.

Aramco went public in late 2019 after a number of years of delays, changing into the largest IPO on report. The preliminary public itemizing of 1.5% of its shares on Saudi native bourse, the Tadawul, helped the oil large to elevate $25.6 billion. Later, the corporate issued extra shares elevating the historic IPO to a record-breaking $29.four billion.

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The IPO got here as half of a state marketing campaign geared toward attracting international investments, and have become one of the pillars for Saudi Vision 2030, a multibillion-dollar plan developed to diversify the dominion’s economic system away from oil.

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