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CCTV Script 31/05/24

·1 min

Saudi Arabia announced plans to sell shares in Aramco, the world’s largest oil-producing company. The issuance is set to begin on June 2, with Saudi Arabia selling 1.545 billion shares of Saudi Aramco. The price range is expected to be between 26.7 to 29 riyals per share, potentially raising around $11.5 billion. Saudi Aramco was listed on the Saudi Exchange in 2019, raising around $29.4 billion in its IPO. The Saudi government currently owns over 82% of Aramco, while the Public Investment Fund holds 16%. This stock issuance coincides with the upcoming OPEC+ meeting, where the extension of voluntary production cuts is expected. The global benchmark Brent crude oil price is around $82 per barrel.