Saudi Arabia has raised more than $12bn (SR45bn) from selling additional shares in state-owned Aramco, after the offering was increased for the energy giant.
The company, one of the most valuable in the world, raised $1bn more than expected from the stake sale.
The sale, the results of which were published on Aramco’s website, came after a stabilisation period for the company’s shares ended. The stabilisation period lasted for 30 days.
The revenue will likely go towards helping Saudi Arabia diversify its economy away from oil and gas production under the kingdom’s Vision 2030 plan.
The plan aims to leverage Saudi Arabia’s “unique strengths, such as its pivotal role in the Arab and Islamic worlds, its strong investment capabilities, and its strategic geographical position,” according to a previous Saudi Government statement.
The government sold a 0.64% stake in Aramco at 27.25 riyals ($7.2) a share last month. In addition, 154 million shares were made available a few days after the initial sale.
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By GlobalDataThe energy giant previously said the offering raised a minimum of $11.2bn.
The Saudi Government is currently involved in huge infrastructure projects and equally huge spending in an effort to create non-energy jobs and build new industries.
However, oil and gas will remain central to the Saudi economy for several years to come, with the kingdom keen to develop export relations with large, energy-guzzling nations in its vicinity, such as China.
Offshore Technology reported this week that crude oil from Saudi Arabia heading for the huge Asian nation is likely to reach 44 million barrels in August following price cuts from Aramco.
In May, Crown Prince Mohammed bin Salman assured Japan’s Prime Minister, Fumio Kishida, during a video conference that stable oil supplies to Japan will be maintained, the Japanese foreign minister said in a press release at the time.
During the video conference, Kishida said he expects Saudi Arabia to continue stabilising the global oil market through further production increases.
