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Saudi Crown Prince Predicts More Public Offerings for Oil and Gas Giant Aramco in Next Few Years
Saudi Crown Prince Predicts More Public Offerings for Oil and Gas Giant Aramco in Next Few Years
Sputnik International
In December 2019, Saudi Aramco, the kingdom's oil and natural gas conglomerate, launched public trading, floating its shares on the Saudi stock exchange... 28.01.2021, Sputnik International
2021-01-28T13:21+0000
2021-01-28T13:21+0000
2021-01-28T14:11+0000
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Saudi Crown Prince Predicts More Public Offerings for Oil and Gas Giant Aramco in Next Few Years
13:21 GMT 28.01.2021 (Updated: 14:11 GMT 28.01.2021) In December 2019, Saudi Aramco, the kingdom's oil and natural gas conglomerate, launched public trading, floating its shares on the Saudi stock exchange Tadawul.
Saudi Aramco will be selling more shares in the next few years, Crown Prince Mohammed bin Salman said Thursday.
"There will be Aramco share offerings in the coming years, and this cash will be transferred to... the Public Investment Fund to be re-injected inside and outside the kingdom", the crown prince told Riyadh's Future Investment Initiative (FII) via a videolink.
His statement echoes Saudi Arabia’s Public Investment Fund's forecast that expects the oil giant to sell more shares, provided the market conditions are favourable.
Saudi Arabia's state oil company Aramco in December launched an initial public offering (IPO) worth a whopping $25.6 billion.
According to the Fortune Global 500 annual ranking of companies by revenue, Saudi Aramco occupies sixth place with $329.8 bln.
In late 2020, Aramco reported a 44.6 percent decline in its Q3 profit driven by the ongoing coronavirus pandemic, which has left 6,363 people dead and 367,023 infected overall, according to the latest data.
