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Saudi to sell 1% stake in oil giant Aramco to global energy firm

Saudi Aramco employees [Notizie Economiche/Twitter]
Saudi Aramco employees, 14 November 2017 [Notizie Economiche/Twitter]

Saudi Arabia plans to sell a one per cent stake in state-owned oil giant Saudi Aramco to a "leading global energy company" within the context of its Vision 2030 plan to diversify the kingdom's economy, Crown Prince Mohammed Bin Salman announced in an interview yesterday.

"We are looking at the potential sale — which could be worth about $19 billion, based on the company's market value — as a way to lock in customer demand for the country's crude," Bin Salman (MBS) said.

During the interview, MBS didn't reveal which global company the country was negotiating with.

"I cannot mention the name but it's a huge company. This deal could be very important in strengthening Aramco's sales in the country where this company resides," he added.

Aramco is the biggest company in Saudi Arabia.

Due to the Saudi-led war on Yemen, the oil giant's facilities have become to focus of retaliatory strikes by the Houthi grip. The most prolific of which took place last year when two major Aramco oil facilities were hit by drone and cruise missile strikes causing a fire.

The attacks cut Saudi Arabia's crude oil supply by around 5.7 million barrels per day or about 50 per cent of its output.

OPINION: Was Iran really behind the attack on Saudi Aramco facilities?

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