Saudi Arabia is considering selling shares in its flagship oil company Aramco, according to Deputy Crown Prince Mohammad Bin Salman.
In an interview with the Economist released late yesterday, Bin Salman said that the move was under consideration, and that “a decision will be made over the next few months.”
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“Personally I’m enthusiastic about this step. I believe it is in the interest of the Saudi market, and it is in the interest of Aramco,” he said.
The move would increase transparency, Bin Salman said. Aramco is wholly owned by the Saudi government.
Aramco holds 15 per cent of global oil deposits. While the sale would raise revenue for Aramco at a time of low oil prices, it would also mean ceding some control of the company to shareholders.
Bin Salman said he would seek to list Aramco on the national stock exchange. This would mean the company’s financial results would become public.