The Kingdom of Saudi Arabia is in discussions to sell a 1% stake in oil behemoth Saudi Aramco for as much as $19 billion, according to Bloomberg.
- China accounted for almost 30% of Saudi’s crude exports in March, making the country the largest buyer of the kingdom’s oil.
- Speaking in a rare television interview, Crown Prince Mohammed Bin Salman said the talks are with one of the world’s leading energy companies, and the sale could come in the next two years.
- Based on the company’s market value, the deal could be worth about $19 billion. Aramco raised almost $30 billion in 2019 from the sale of 2% stock.
- Prince Mohammed declined to identify the company, but said the deal could be “very important in strengthening Aramco’s sales in the country where this company resides.”
- Aramco may also offer more shares on the Saudi stock exchange, but Prince Mohammed did not provide a timeframe for this.
- Saudi Aramco earlier this month announced a $12.4 billion investment in its oil pipelines by a U.S.-led consortium, with another deal for gas also on the table.
ARAMCO:AB is up 1.13%