After the process of transferring the shares to the Political Fund, the percentage of state-owned shares in Aramco became 82.186% (French)
Saudi Arabia announced on Thursday the transfer of 8% of the total shares of the state-owned oil giant Aramco to a portfolio owned by the Public Investment Fund, the country’s sovereign wealth fund.
The Saudi News Agency reported that Saudi Crown Prince Mohammed bin Salman announced “the completion of the transfer of 8% of the total issued shares of the Saudi Arabian Oil Company (Saudi Aramco), from state ownership to portfolios of companies wholly owned by the Public Investment Fund.”
She added, "Therefore, the percentage of state-owned shares after the transfer process becomes 82.186% of the company's total shares."
It is noteworthy that Prince Mohammed bin Salman chairs the Board of Directors of the Public Investment Fund.
Prince Mohammed bin Salman pointed out that the transfer of ownership of part of the state’s shares in Saudi Aramco comes as a continuation of the Kingdom’s initiatives aimed at strengthening the national economy in the long term, diversifying its resources, and providing more investment opportunities, in line with the goals of Saudi Vision 2030, and that the transfer process contributes to In maximizing the Public Investment Fund’s assets and increasing its investment returns, which enhances the Fund’s strong financial position and credit rating.
Prince Mohammed bin Salman considered that transferring ownership of part of Aramco shares comes with the aim of strengthening the national economy (Getty)
The Prince concluded his statement by saying that the Public Investment Fund is continuing to launch new sectors, build strategic economic partnerships, and localize technologies and knowledge, in addition to creating more direct and indirect jobs in the local labor market.
Aramco is a Saudi energy company that manages a proven oil reserve of 260 billion barrels, and another of natural gas estimated at 288 trillion cubic feet. It is considered the largest oil exporting company in the world.
The Kingdom's daily production of crude oil currently stands at 9 million barrels, which is less than its maximum capacity of 12 million barrels per day.
Aramco (and its subsidiaries) owns or participates in the ownership of some local and international refineries with a total refining capacity of about 4.9 million barrels per day, and the company’s share of this refining capacity is 2.6 million barrels per day, which makes it the sixth largest company in the field of refining in the world.
Source: Agencies