Saudi Arabia could sell more of its crown jewel. China is the most likely buyer
April 28, 2021. Summarized by summa-bot.
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Saudi Arabia is considering selling part of its giant state oil company to a major foreign investor, likely from China.
London (CNN Business)Saudi Arabia is considering selling part of its giant state oil company to a major foreign investor, likely from China.
Aramco has other large customers in Asia and in a report last month it said it is investing in crude oil sales and trading operations in China, India, Southeast Asia, Japan and South Korea.
Saudi Arabia sold about 1. 7% of Aramco in 2019 in the largest IPO in history, raising $29. 4 billion to help fund bin Salman's Vision 2030 plan to wean the kingdom off oil and develop other areas of the economy.
In the Tuesday interview, bin Salman said that some of Aramco's shares could also be transferred to Saudi's Public Investment Fund and that the kingdom had no plans to "get rid of oil. "