Riyadh – Mubasher: Deputy crown prince Mohammed bin Salman said on Monday that Saudi Arabia is offering less than 5% of Aramco for public subscription as offering 1% of the oil and gas firm would be the largest in the world.
Speaking to Al Arabiya news channel, the deputy crown prince noted that Aramco’s initial public offer (IPO) has several advantages including transparency, its effect on the Saudi market, as well as switching dependency from oil income to investments.
Aramco’s IPO is a small step in much bigger plan, bin Salman noted, highlighting that the plan is not centred around or limited to Aramco.
He added that the Public Investment Fund (PIF) will not manage Aramco, but that it will have a board of directors.
The Kingdom’s “2030 Vision” will not require a high price for oil, bin Salman revealed, adding that the Vision will be launched regardless of the oil price.
“If oil comes to a halt by 2020, we can go on without it,” the deputy crown prince stated.
