Saudi Arabia’s sovereign wealth fund has doubled its stake in oil giant Aramco to 8% following the transfer of a new tranche of shares to a company wholly owned by the Public Investment Fund (PIF), the SPA official news agency.
The crown prince and de facto ruler of the kingdom, Mohammed bin Salman, announced the “transfer of 4% of the shares of the state-owned Saudi Aramco to the Saudi Arabian Investment Company (Sanabil Investments), a company 100% owned by PIF, SPA added it’s a statement.
A participation of 90.18%
The same number of shares had been transferred last year to the PIF, representing at that time 80 billion dollars. This new operation “is part of the extension of long-term initiatives aimed at stimulating and diversifying the Saudi economy,” and strengthens “the financial position and credit rating of the PIF” led by the crown prince, the agency said.
The Saudi State continues to be the main shareholder of the oil company after this transfer, with a 90.18% stake. The powerful Saudi crown prince is carrying out a vast reform program aimed at reducing the kingdom’s dependence on oil, of which it is the world’s biggest exporter.
Source: BFM TV
