Saudi Arabia is expected to raise more than 11.2 billion dollars (10.3 billion euros at current exchange rates) with a secondary public offering of shares in Aramco, the controlling oil giant state-owned, avançou the Reuters agency this Friday.
The price of the 1.545 billion shares was set at 27.25 Saudi riyals each (6.71 euros at current exchange rates), announced the company. The Saudi government is selling a stake of around 0.64% in Aramco. The sale is scheduled to begin when markets open on Sunday.
This decision comes at a time when global oil prices are under pressure due to an uncertain demand outlook, despite a seasonal increase in gasoline consumption during the summer.
“It is not clear that oil prices will continue to rise as they have in recent years,†Columbia Threadneedle analyst Edward Al-Hussainy told Reuters.
The Saudi government is Aramco’s largest shareholder, holding more than 82% of the company, while the kingdom’s sovereign wealth fund, the Public Investment Fund, holds 16%. Proceeds from this share sale will provide fundamental financial support to the Saudi government, which is currently financing a series of high-cost infrastructure “megaprojects†under the Visà economic diversification program. 2030. The program, led by Crown Prince Mohammed bin Salman, aims to reduce Saudi Arabia’s dependence on oil revenues.
