Saudi Arabia is in talks with some unidentified foreign investors to sell a stake in Saudi Arabian Oil Co. Acquired a 1% stake in Saudi Aramco.
Crown Prince Mohammed bin Salman, the kingdom's de facto ruler and chairman of Aramco, said in a TV interview that there would be an announcement of a sale within the next year or two. Other shares could be sold on the secondary market on the Riyadh exchange or transferred to the country's sovereign wealth fund, the Public Investment Fund.
The move represents another attempt to cash in on the kingdom's vast oil holdings, which were once considered so strategic that even selling a minority stake seemed out of reach. Under Crown Prince Salman, Saudi Arabia has been looking to attract foreign investors and sell some oil assets in exchange for cash.
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