Saudi Arabia transfers more Aramco oil shares to wealth fund
- Date: 18-Apr-2023
- Source: Jordan Times
- Sector:Oil & Gas
- Country:Saudi Arabia
Saudi Arabia transfers more Aramco oil shares to wealth fund
RIYADH — Saudi Arabia has put a second 4-per cent 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.
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