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FINANCIAL NEWS
KSA to sell stakes in Aramco amid crude prices’ crisis
08 Jan 2016
(MENAFN) As part of a privatization drive to raise money in an era of cheap oil, Saudi Arabia’s government is looking into the possibility that it might sell shares in state oil Behemoth Aramco.
Accordingly, a sale could in the near future cover much of the huge state budget deficit which Riyadh is running because of low oil prices; which was at about USD100 billion as 2015 ended.
Furthermore, global investors have become more concerned about Riyadh’s ability to cope with low oil prices in the long run; as the riyal recently fell to a record low against the U.S.
Aramco is the world’s largest oil firm with crude reserves of about 265 billion barrels, over 15pct of all global oil deposits, and if it went public, it may become the 1st listed firm valued at USD1 trillion or more.
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