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Saudi Aramco to sell stock in new offering: Report
Saudi Arabian state oil giant Aramco is reportedly planning a new stock sale of between $10 and $20 billion, according to the Wall Street Journal. The kingdom’s Public Investment Fund and state own the majority of Aramco, with only 1.5% publicly traded. The previous IPO raised a record $29.4 billion. This new sale could help alleviate financial pressure on Saudi Arabia, which recently faced a budget deficit. Aramco, the world’s largest oil company, has not commented on the potential offering. The stock sale may be delayed or canceled, but if successful, it would provide a much-needed boost to the kingdom’s finances.
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Saudi Aramco, the Saudi Arabian state oil giant, is reportedly planning to launch a new stock offering worth between $10 and $20 billion. This news comes as the kingdom faces financial pressure due to high spending on major projects and declining oil revenues. The Wall Street Journal reported that the offering could take place as early as this week, with the Saudi state and its sovereign wealth fund, the Public Investment Fund, looking to sell a portion of their stake in the company.
The oil company made headlines in 2019 with its initial public offering (IPO), which raised a record $29.4 billion. This IPO, which saw just 1.5% of Aramco’s shares traded publicly on the Tadawul stock exchange, remains the largest in history. Aramco is not only the world’s largest oil company in terms of daily production but also boasts the highest market capitalization in the industry.
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The potential new stock sale comes at a crucial time for Saudi Arabia, which recently reported its sixth consecutive quarterly budget deficit. The kingdom’s ambitious megaprojects have led to significant spending, while lower oil prices have impacted its revenues. The sale of additional shares in Aramco could provide a much-needed financial boost to the country, at least in the short term.
Despite the reported plans for the stock offering, Aramco has declined to comment on the matter. The company’s silence has led to speculation about the timing and execution of the sale. While the Wall Street Journal’s sources indicate that the offering could alleviate some of Saudi Arabia’s financial burdens, there is still a possibility that the sale may be delayed or even canceled.
In May, the kingdom projected a budget deficit of 79 billion Saudi riyals ($21 billion) for the year, with expectations of continued deficits in the coming years. The government’s reliance on oil revenues has made it susceptible to fluctuations in global oil prices, highlighting the importance of diversifying its economy. The sale of more Aramco shares could help mitigate some of these financial challenges and provide the kingdom with a much-needed cash injection.
For more information on this developing story, you can read the full report from the Wall Street Journal [here](https://www.wsj.com/business/energy-oil/saudi-arabia-to-raise-10-billion-to-20-billion-in-fresh-aramco-stock-sale-e8e70ba8?st=amnj36xsqs72q1u&reflink=article_copyURL_share). Stay tuned for updates on Saudi Aramco’s stock offering and its potential impact on the kingdom’s economy.
