Aramco, the world's biggest oil company which listed on the Saudi bourse in late 2019, could sell further shares including to international investors within the next year or two, says Mohammed bin SalmanSaudi Arabia's crown prince said in televised remarks on Tuesday that the kingdom was in discussions to sell 1% of state oil firm Saudi Aramco to a leading global energy company. Crown Prince Mohammed bin Salman said Aramco, the world's biggest oil company which listed on the Saudi bourse in late 2019, could sell further shares including to international investors within the next year or two. The Aramco initial public offering in 2019 was seen as a pillar of the economic diversification programme aimed at attracting foreign investment. The crown prince in 2016 announced a plan to raise as much as $100 billion via an international and domestic listing of a 5% stake in Aramco. The proceeds of that offer were transferred to the Public Investment Fund (PIF), Prince Mohammed’s vehicle of choice to transform the Saudi economy and diversify away from oil revenue.

Source: The Hindu April 28, 2021 14:32 UTC