Synopsis. The crown prince said the state remains the largest shareholder in Saudi Aramco after the transfer process, as it owns more than 94% of the company’s shares.
Why is Saudi Arabia selling Aramco?
Saudi Arabia has long wanted to sell off chunks of the oil giant, part of a strategy crafted by de facto leader Crown Prince Mohammed bin Salman to monetize the country’s massive oil assets and use the proceeds to invest in industries outside of oil.
Does PIF own Aramco?
Saudi Crown Prince Mohammed bin Salman has transferred 4% of state-run oil giant Aramco to the Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, the state-run news agency said on Sunday.
Is Saudi Aramco Owned by Saudi Arabia?
The Saudi government owns more than 98% of Aramco’s shares.
Is Aramco owned by us?
Saudi Aramco operates the world’s largest single hydrocarbon network, the Master Gas System.
|Headquarters in Dhahran, Eastern Province, Saudi Arabia|
|Total assets||US$576.7 billion (2021)|
|Total equity||US$296.8 billion (2021)|
|Owner||Government of Saudi Arabia (98.5%)|
|Number of employees||66,800 (2020)|
Why Aramco is investing in Reliance?
The Saudi company’s plan to buy a 20% stake in Reliance Industries’ oil-to-chemicals business was called off over valuation differences and the need to achieve net-zero emission targets.
Is Aramco publicly traded?
Saudi Aramco went public with an IPO in 2019, raising a record $25.6 billion by selling three billion shares. This amount was only 1.5% of the company’s value—significantly lower than firms like Apple, which has more than 84% of its shares held by the public.
Is Saudi Aramco the biggest company in the world?
RIYADH: Saudi Aramco has become the world’s most profitable company in the third quarter of 2021, beating tech giants such as Google, Amazon and Apple, as well as other listed energy companies such as ExxonMobil and Shell.
What is PIF worth?
PIF, which manages about $480 billion in assets, is at the centre of Saudi Arabia’s Vision 2030, a national strategy aimed at diversifying the kingdom’s economy and cutting reliance on hydrocarbons.
Who does PIF invest in?
In 2020, PIF purchased minority stakes in major U.S. companies including Boeing, Facebook and Citigroup. PIF disclosed a $713.7 million stake in Boeing, around $522 million in Citigroup, a $522 million stake in Facebook, a $495.8 million stake in Disney and a $487.6 million stake in Bank of America.
Which country has the largest sovereign wealth fund?
List of countries by sovereign wealth funds
|Rank||Country||Assets (USD Billion)|
|3||United Arab Emirates||1,363.0|
What is the largest sovereign wealth fund?
Rankings by Total Assets
|1.||Norway Government Pension Fund Global||$1,338,200,286,000|
|2.||China Investment Corporation||$1,222,307,000,000|
|3.||Kuwait Investment Authority||$737,938,500,000|
|4.||Abu Dhabi Investment Authority||$697,863,828,480|
Who owns Petronas oil company?
PETRONAS is a corporation wholly-owned by the Government of Malaysia and is directly answerable to the Prime Minister.
Who made Aramco?
The origins of Aramco began when Standard Oil of California set up a new overseas exploration unit after signing a concession agreement with Saudi Arabia in 1933. By the 1950s, Aramco was owned by four shareholder companies and based in New York.
What is the biggest oil company in the world?
#1 Saudi Arabian Oil Co. (Saudi Aramco) (Tadawul: 2222) Saudi Aramco is one of the largest companies in the world across all industries, as well as the largest global oil company by revenue.