SAUDIS IN TALKS TO SELL ARAMCO STAKE TO GLOBAL ENERGY FIRM

DHAHRAN: Saudi Arabia’s crown prince said the kingdom is in talks to sell a 1% stake in state oil giant Saudi Aramco to a “leading global energy company” as he forecast an economic rebound after the coronavirus pandemic.

The kingdom is looking at the potential sale—which could be worth about $19 billion, based on the company’s market value —as a way to lock in customer demand for the country’s crude, Crown Prince Mohammed Bin Salman said in a rare interview on a Saudi television channel late Tuesday. While providing few details on which company is involved in the talks, he said the sale could take place in the next two years.

“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,” Prince Mohammed, the country’s de facto ruler, said.

“I cannot mention the name but it’s a huge company.”