Saudis in Talks to Sell 1% of Aramco to ‘Leading’ Foreign Peer

Saudi Arabia is in talks to sell a 1% stake in state-controlled oil giant Aramco to a foreign company, Crown Prince Mohammed Bin Salman said in an interview with a local TV station.

The kingdom could also announce a secondary offering of shares in the company within the next two years, he said.

“I don’t want to give any promises about deals finalizing, but there are discussions happening right now about a 1% acquisition by one of the leading energy companies in the world,” the Crown Prince said. “This deal could be very important in strengthening Aramco’s sales in the country where this company resides,” he said, adding it’s a very large nation.

The prince has already taken steps many thought would never occur with the 2019 initial public offering of Aramco on the Saudi stock exchange.

That deal raised about $30 billion for the kingdom’s sovereign wealth fund to plow into new investments abroad and economic diversification projects at home. He’s previously said that the government may look to sell further shares in the company to the public.

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