Aramco chairman says Saudi government still planning stake sell-down

Business

The chairman of Saudi Aramco said on Tuesday the kingdom’s government remains committed to selling down some of its stake in the state oil firm.

“Once we see the market conditions improve and once we see more appetite from different investment institutions and investors, we will definitely consider selling more shares of the Saudi government,” Yasir al-Rumayyan told the CERAWeek energy conference, adding the decision was in the hands of the Saudi government and not the Aramco board.

The Saudi government owns 98% of Aramco, following an initial public offering on the kingdom’s stock market in late-2019.