Saudi Arabia transfers more Aramco oil shares to wealth fund

Saudi Arabia transfers more Aramco oil shares to wealth fund

Saudi Arabia has put a second four-percent chunk of shares of the Aramco energy giant, worth tens of billions of dollars, under the control of the country's sovereign wealth fund, state media said Sunday.

The move underscores Crown Prince Mohammed bin Salman's campaign to use the Gulf kingdom's vast energy resources to open up the economy under his "Vision 2030" domestic reform agenda.

The official Saudi Press Agency said the shares had been transferred to Sanabil Investments, a firm controlled by the kingdom's Public Investment Fund (PIF), one of the world's biggest sovereign wealth funds with more than $620 billion in assets.

Last year, four percent of Aramco shares, estimated at the time to be worth $80 billion, were transferred directly to PIF.

The latest shares are worth nearly $80 billion, based on the current market capitalisation of Aramco, one of the world's most valuable companies.

Prince Mohammed, the kingdom's de facto ruler, "indicated that the transfer of part of the state's shares in Saudi Aramco is a continuation of Saudi Arabia's long-term initiatives to boost and diversify the national economy and expand investment opportunities," the report said.

"The transfer will also solidify PIF's strong financial position and credit rating," it added, noting Riyadh still