Privatisation could raise money in an era of cheap oil
Saudi Arabia is considering selling shares in the oil giant Aramco, in a move that could create the first listed company valued at more than $1 trillion.
Deputy crown prince Mohammed bin Salman told The Economist magazine that an initial public offering (IPO) of Saudi Aramco was being reviewed and would be decided on soon.
“Personally I’m enthusiastic about this step. I believe it is in the interest of the Saudi market, and it is in the interest of Aramco, and it is for the interest of more transparency, and to counter corruption, if any, that may be circling around Aramco,” bin Salman said in an interview published on Thursday.
“This is something that is being reviewed, and we believe a decision will be made over the next few months.”
Aramco is the world’s largest oil firm, holding over 15 percent of all global oil deposits. It could become the first listed company valued at $1 trillion or more, according to analyst estimates quoted by Reuters.
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