RIYADH: Saudi Arabia is in discussions to sell a 1 percent stake in Saudi Aramco, Crown Prince Mohammed bin Salman has revealed.
In a wide-ranging TV interview to mark the fifth anniversary of the Saudi Vision 2030 strategy, the crown prince said there were discussions to sell a 1 percent stake in the world's biggest national oil company.
"There are other discussions on the way for buying different shares, part of the shares of Aramco will be transformed to the Public Investment Fund and others will also be for the Saudi market," he said in a 90-minute interview on the Liwan Al Mudaifer Show on Rotana Khalijiya TV.
The Aramco initial public offering in 2019 was a cornerstone of the Kingdom's economic diversification program which also aims to boost foreign investment. It coincided with upheaval in global energy markets which has forced many global oil majors to rethink their businesses.
The crown prince said there were huge opportunities for Aramco to prosper in different sectors - from shipping to pipelines and cables.
"We want to increase the benefit we reap from the oil to manufacturing industries and others and then to produce other opportunities away from the oil sector to diversify our economy," he said.
