The Aramco US$12 billion share sale sold out shortly after the deal opened.
Aramco’s share sale comes at a time when oil prices remain depressed mainly due to concerns about weak global demand.
Details of the split between local and foreign investors in the offering are yet to emerge.
Arabian Drilling Co. (ADC) and Saudi Aramco finalized their discussions on the suspension of three offshore drilling platforms, as announced previously.
Saudi Aramco’s $12 billion share sale sold out shortly after the deal opened on Sunday, in a boon to Saudi Arabia’s government as it seeks funds to help pay for a massive economic transformation plan.
Saudi Arabia is expected to launch as soon as Sunday a secondary share sale in its oil giant Aramco, Reuters reported on Thursday, quoting sources familiar with the plans.
Saudi Arabian state-owned oil giant Aramco expects to pay $31 billion in dividends to the Saudi government and its shareholders despite reporting lower earnings for the first quarter on Tuesday, hit by lower oil prices and volumes sold.
Saudi Aramco has raised the official selling price of all the grades it exports to Asia, with flagship Arab Light for delivery in June set to become $0.90 more expensive, Bloomberg reported citing a pricing list it had seen.
Global Data: Aramco is leading oil companies in AI investment.
Saudi Aramco spent $3.5 billion on research and development last year.
As for AI itself, the technology was deployed in areas such as oil exploration, fault monitoring, and cyber threat detection.
Aramco is negotiating a 10% stake in Chinese petrochemical company Hengli.
The deal strengthens Aramco’s downstream presence in China, a key export market.
Saudi Arabia’s strategy is to secure long-term crude oil supply agreements while also boosting Aramco’s chemical production goals.
Pointing to the still paltry share of renewable energy in global supply, the head of Saudi Aramco described the current energy transition strategy as a misguided failure on Monday.
East Pipes Integrated Company for Industry has agreed to cancel its SAR 153 million ($40.8 million) contract with Saudi Arabian Oil Company (Aramco).