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Saudi Arabia in talks to sell 1% stake in Aramco

This April Saudi Aramco agreed to divest a 49% stake in its newly formed crude oil pipeline entity, Aramco Oil Pipelines, to EIG Global Energy Partners-led consortium of investors for approximately $12.4 bllion

Riyadh, April 28 - Neftegaz.RU. Saudi Arabia's Crown Prince Mohammed bin Salman said that the government is in discussions with the leading global energy firm to sell 1% of state-run Saudi Aramco's share holding to boost its sales.

Mohammed bin Salman appeared on the Liwan Al Mudaifer TV-Show and discussed developments in Saudi Arabia’s ambitious Vision 2030 plan.
It is the 5th anniversary of the plan, which aims to transform the Kingdom and prepare it for a post-hydrocarbon age.

The Crown Prinse said:
  • 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
  • That will be a great deal to enhance the sales of Aramco in the country where this company (is based)
The Prince did not name the company but said it is from a «huge» country.

For Saudi Arabia’s oil-rich economy, the COVID-19 pandemic and oil market turmoil were setbacks to Crown Prince Mohammed bin Salman’s plans to diversify away from oil exports and reduce unemployment

Saudi Aramco raised $25.6 billion in the IPO and later sold more shares under a «greenshoe option» to raise the total to $29.4 billion.
The company´s profit of $49 billion in 2020 is down from $88.2 billion in 2019 and $111.1 billion in 2018.
Still, Saudi Aramco remains one of the world’s most valuable companies.

To read the news in Russian

Source : Neftegaz.RU

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