PIF doubles stake in Aramco oil giant to 8%

PIF doubles stake in Aramco oil giant to 8%

Saudi Arabia has completed the transfer of an 8 percent stake in Aramco to the sovereign Public Investment Fund ahead of a planned floatation of the oil giant. “The transfer is a continuation of Saudi Arabia’s long-term initiatives to boost and diversify the national economy and expand investment opportunities in line with Vision 2030,” state-owned […]Saudi Arabia has completed the transfer of an 8 percent stake in Aramco to the sovereign Public Investment Fund ahead of a planned floatation of the oil giant.

“The transfer is a continuation of Saudi Arabia’s long-term initiatives to boost and diversify the national economy and expand investment opportunities in line with Vision 2030,” state-owned Saudi Press Agency (SPA) reported, citing Crown Prince and Prime Minister Mohammed bin Salman.

The share transfer will further solidify PIF’s strong financial position and credit rating, he added.

Following the transfer, the government’s total ownership of Aramco will be 82 percent.

The stake is worth $163.6 billion, Reuters reported, citing Aramco’s market capitalisation. The company’s shares, which trade on the Saudi stock exchange, closed at SAR31.75 ($8.47) on March 7, giving it a market capitalisation of just over $2 trillion.

The sovereign wealth fund has owned four percent of Aramco since 2022. It