Saudi Aramco will be selling more shares in the next few years, Crown Prince Mohammed bin Salman said Thursday.
"There will be Aramco share offerings in the coming years, and this cash will be transferred to... the Public Investment Fund to be re-injected inside and outside the kingdom", the crown prince told Riyadh's Future Investment Initiative (FII) via a videolink.
His statement echoes Saudi Arabia’s Public Investment Fund's forecast that expects the oil giant to sell more shares, provided the market conditions are favourable.
Saudi Arabia's state oil company Aramco in December launched an initial public offering (IPO) worth a whopping $25.6 billion.
According to the Fortune Global 500 annual ranking of companies by revenue, Saudi Aramco occupies sixth place with $329.8 bln.
In late 2020, Aramco reported a 44.6 percent decline in its Q3 profit driven by the ongoing coronavirus pandemic, which has left 6,363 people dead and 367,023 infected overall, according to the latest data.
