The world’s largest mining company, Saudi Arabia’s Saudi Aramco, is preparing to sell one percent of its shares. He is negotiating its purchase with large Chinese investors.
The value of the share that Saudi Aramco is going to offer to foreign investors is around $ 19 billion. According to Reuters, the company could sell this stake within one to two years. One of the investors with whom Saudi Aramco is negotiating a transaction is the investment fund China Investment Corporation (CIC), Reuters reported. CIC is also said to be the investor who has the best chance of acquiring a stake in Saudi Aramco.
“The kingdom has close ties with China,” a source told Reuters. Saudi Arabia, the world’s largest oil exporter, has been China’s largest oil supplier for seven months in a row.
Crown Prince Mohammed bin Salmán admitted that talks on the sale of one percent of the company’s shares are indeed taking place. According to him, the share should go to an investor who can increase oil sales “in a big country,” Mohammed said without specifying which country it should be. But that it will be China is quite clear given the circumstances.
Already at the end of 2019, Saudi Aramco offered approximately 1.5 percent of its shares to investors in the market. At the time, she collected over $ 29 billion for them.