Saudi Arabia Moves $164 Billion Aramco Stake to Wealth Fund
- Transfer will bolster cashflow at the Public Investment Fund
- Move will have no impact on Saudi Aramco’s dividend policy
The 8% stake transfer will cut the government’s direct ownership in the world’s largest oil company to 82%.
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Saudi Arabia’s government transferred a further $164 billion stake in Aramco to the Public Investment Fund, a move aimed at bolstering cashflow at the state-backed investor that’s ramping up spending on huge local projects.
The 8% stake transfer will cut the government’s direct ownership in the world’s largest oil company to 82%, the Saudi Press Agency said. The move will have no impact on Aramco’s dividend, which the oil giant kept at $29 billion for the third quarter despite a drop in production and weaker oil prices.