Saudi Arabia Transfers Aramco Shares Worth Nearly $78 Billion to Wealth Fund
- Date: 16-Apr-2023
- Source: The Wall Street Journal
- Sector:Oil & Gas
- Country:Saudi Arabia
Saudi Arabia Transfers Aramco Shares Worth Nearly $78 Billion to Wealth Fund
The second such transfer comes amid high oil prices and as the kingdom seeks to diversify its economy away from oil
April 16, 2023 8:18 am ETSaudi Arabia has put a second 4% stake of state oil giant Saudi Aramco, worth nearly $78 billion, under the control of the country’s sovereign-wealth fund, as the kingdom leverages a year of high oil prices toward diversifying its economy.
The shares are expected to be transferred to the Saudi Arabian Investment Company—known as Sanabil Investments—which is wholly owned by Saudi Arabia’s Public Investment Fund.
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