Saudi Arabia in talks to sell stake in Saudi Aramco

29 Apr 2021

Saudi Arabia is in talks with an undisclosed global energy company for divesting a stake of 1% in Saudi Aramco potentially for US$19bn, revealed the kingdom’s Crown Prince Mohammed Bin Salman.

During an interview with Alarabiya News, a Saudi television channel, Prince Salman said that the transaction may be executed in the next two years.

The potential sale of the stake in Saudi Aramco is part of the country’s efforts to transform and diversify its economy, said the Crown Prince.

Prince Salman told the interviewer: “I don’t want to give any promises about deals finalising, but there are discussions happening right now about a 1% acquisition by one of the leading energy companies in the world.

“This deal could be very important in strengthening Aramco’s sales in the country where this company resides.”

Earlier this month the company signed a deal to sell a 49% stake in a newly-formed entity called Aramco Oil Pipelines for nearly US$12.4bn to a consortium led by EIG Global Energy Partners.

The Saudi state-owned energy company reported a net income of US$49bn in 2020, while producing on average 12.4 million barrels per day of oil equivalent.

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