Saudi Crown Prince Discusses Selling 1% Stake in Aramco... "Worth 21 Trillion Won"

Saudi Powerbroker Crown Prince Mohammed bin Salman Reveals This Way

▲Aramco located in Saudi Arabia. [Image source=Reuters Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] Saudi Arabia is reportedly discussing a plan to sell a 1% stake of the state-owned oil giant Aramco to foreign companies. Aramco, with a market capitalization exceeding 2,000 trillion won, is an oil company competing with Microsoft (MS) for the second place in the global market capitalization rankings.

On the 28th (local time), according to CNBC and Bloomberg News, Crown Prince Mohammed bin Salman stated in an interview with the state-owned Saudi TV the previous day that "we are discussing a plan to sell a 1% stake of Aramco to one of the world's top energy companies."

Crown Prince bin Salman is considered the de facto ruler of Aramco and a key figure in Saudi Arabia.

He said, "I cannot disclose the company, but it is a giant corporation and a pioneering company in the energy sector," adding, "If this deal is finalized, it will help increase Aramco's sales volume in the major countries where this company is located."

Bloomberg News reported that the scale of this sale amounts to $19 billion (approximately 21.1 trillion won).

This stock sale is part of the Saudi government's project 'Vision 2030.' Since 2016, the Saudi government has aimed to reduce the national economy's dependence on oil and develop new economic industries. Crown Prince bin Salman's TV interview was conducted to mark the 5th anniversary of this project.