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Saudi Arabia in Talks to Sell 1% of State-Owned Aramco
Saudi Aramco oil pipelines in the Arabian Gulf coastal city of Jubail. (Suresh Babunair/Panoramio)

Saudi Arabia in Talks to Sell 1% of State-Owned Aramco

Saudi Arabia is in talks to sell 1% of Saudi Aramco, the state-owned oil company and the world’s biggest, to a leading global energy company. Crown Prince Mohammed bin Salman announced the discussions on Tuesday in an interview broadcast on Saudi TV.  He said the company interested in buying in to Aramco is in a “major country.”

The crown prince added that there also are talks with other companies about selling shares in Aramco and that more shares could be publicly traded on the Saudi bourse.

Aramco raised $25.6 billion in its initial public offering in 2019, which was transferred to the country’s Public Investment Fund.

The interview was held to mark the fifth anniversary of Vision 2030, a strategic framework to reduce Saudi Arabia’s dependence on oil, diversify its economy, and develop public service sectors.

The crown prince also said in the interview that Saudi Arabia seeks to have good relations with neighboring Iran. He said the Saudis are concerned about how Iran is dealing with its nuclear program and its support for rebel militias in some countries.

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