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SAUDI ARABIAN OIL COMPANY

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Saudi in talks to sell 1% of Aramco, says crown prince

04/28/2021 | 03:27am EDT
FILE PHOTO: General view of Aramco tanks and oil pipe at Saudi Aramco's Ras Tanura oil refinery and oil terminal

DUBAI (Reuters) - Saudi Arabia's crown prince said in televised remarks on Tuesday that the kingdom was in discussions to sell 1% of state oil firm Saudi Aramco to a leading global energy company.

Crown Prince Mohammed bin Salman said Aramco, the world's biggest oil company which listed on the Saudi bourse in late 2019, could sell further shares including to international investors within the next year or two.

"There are talks now for the acquisition of a 1% stake by a leading global energy company in an important deal that would boost Aramco's sales in ... a major country," he said, without elaborating.

"There are talks with other companies for different stakes, and part of Aramco's shares could be transferred to the (Saudi) Public Investment Fund and a part listed ... on the Saudi bourse," he said in an interview aired by Saudi TV marking the fifth anniversary of Vision 2030.

The Aramco initial public offering in 2019 was seen as a pillar of the economic diversification programme aimed at attracting foreign investment.

Aramco raised $25.6 billion in the IPO and later sold more shares under a "greenshoe option" to raise the total to $29.4 billion.

The crown prince in 2016 announced a plan to raise as much as $100 billion via an international and domestic listing of a 5% stake in Aramco. In 2017 sources said Chinese state-owned companies PetroChina and Sinopec had written to Aramco to express an interest in a direct deal.

Listing plans were halted in 2018 and when they were revived the following year the deal found little interest beyond the Gulf. Riyadh scaled back its ambitions and canceled roadshows in New York and London, selling a 1.7% stake and relying on mainly domestic and regional buyers.

The proceeds of that offer were transferred to the Public Investment Fund (PIF), Prince Mohammed's vehicle of choice to transform the Saudi economy and diversify away from oil revenue.

(Writing by Ghaida Ghantous; editing by Matthew Lewis and Jason Neely)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL 0.41% 75.13 Delayed Quote.41.20%
PETROCHINA COMPANY LIMITED -2.45% 3.58 End-of-day quote.49.17%
SAUDI ARABIAN OIL COMPANY -0.14% 35.25 End-of-day quote.0.71%
WTI 0.21% 73.17 Delayed Quote.48.21%
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Financials
Sales 2021 1 307 B 349 B 349 B
Net income 2021 352 B 93 988 M 93 988 M
Net Debt 2021 303 B 80 886 M 80 886 M
P/E ratio 2021 20,0x
Yield 2021 4,01%
Capitalization 7 056 B 1 881 B 1 882 B
EV / Sales 2021 5,63x
EV / Sales 2022 5,33x
Nbr of Employees 79 000
Free-Float 1,76%
Chart SAUDI ARABIAN OIL COMPANY
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Technical analysis trends SAUDI ARABIAN OIL COMPANY
Short TermMid-TermLong Term
TrendsBearishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 17
Average target price 34,65 SAR
Last Close Price 35,30 SAR
Spread / Highest target 13,3%
Spread / Average Target -1,83%
Spread / Lowest Target -32,0%
EPS Revisions
Managers and Directors
NameTitle
Amin bin Hasan Al-Nasser President, CEO & Executive Director
Khalid Hashim Al-Dabbagh Senior VP-Finance, Strategy & Development
Yasir bin Othman Al-Rumayyan Chairman
Ahmad Abdul Rahman Al-Sa'adi Senior Vice President-Technical Services
Ziad Thamer Al-Murshed Vice President-International Operations
Sector and Competitors
1st jan.Capitalization (M$)
SAUDI ARABIAN OIL COMPANY0.71%1 881 463
ROYAL DUTCH SHELL PLC14.93%150 030
PETROCHINA COMPANY LIMITED49.17%138 954
TOTALENERGIES SE13.20%123 253
GAZPROM28.59%88 167
PETRÓLEO BRASILEIRO S.A. - PETROBRAS-0.07%73 789