The reported new offering would come at an opportune time for the kingdom, which is spending heavily on megaprojects while seeing lower oil revenue.
The Saudi state and its sovereign wealth fund, the Public Investment Fund, own the vast majority of Aramco, with just 1.5% of the company traded publicly on the Tadawul following its first-ever public offering in 2019.
Members of media chat before the start of a press conference by Aramco at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019.Saudi Arabian state oil giant Aramco plans to offer a fresh sale of between $10 and $20 billion of its stock as soon as this week, theThe Saudi state and its sovereign wealth fund, the Public Investment Fund, own the vast majority of Aramco, with just 1.
The sale raised a record $29.4 billion, still the history's largest IPO to date. Aramco is the world's largest oil company in terms of both daily oil production and market cap. The reported new sale would come at an opportune time for the kingdom, which in early May chalked its sixth consecutive quarterly budget deficit amid high spending on multi-trillion dollar megaprojects and simultaneous lower oil revenues.If the offering goes ahead, it would relieve some financial pressure on the kingdom, at least in the near-term, the Journal reported.
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