Saudi Arabia is in talks to sell 1% of state-backed oil giant Saudi Aramco to a “leading global energy company,” the kingdom’s crown prince told a Saudi-owned news channel this week.
“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,” Crown Prince Mohammed bin Salman said in an interview on Saudi television, according to CNBC’s translation of his Arabic comments.
“That will be a great deal to enhance the sales of Aramco in the country where this company (is based),” he said. The prince did not name the company but said it is from a “huge” country.
He also said there are discussions with other firms, and some Aramco shares could be transferred to the kingdom’s sovereign wealth fund, the Public Investment Fund. Some shares may be listed on the Saudi market as well.
The interview marked the fifth anniversary of the Saudi Vision 2030, a multi-billion dollar plan aimed at diversifying the country’s economy away from oil reliance.
Saudi Aramco was the world’s biggest IPO when it went public in December 2019, and listed around 1.5% of its shares on the local stock exchange, the Tadawul.
The initial public listing raised $25.6 billion, and the company later exercised its “greenshoe option” to sell 450 million more shares, bringing the total size to $29.4 billion.
The Saudi government owns more than 98% of Aramco’s shares
