Saudi Arabia in talks to sell stake in Aramco

Saudi Arabia's crown prince said Tuesday that the kingdom was in talks to sell part of its state oil firm to a leading global energy company.

In a televised interview, Saudi Crown Prince Mohammed bin Salman said Saudi Aramco, the world's biggest oil company, could sell shares to international investors within the next year or two.

But he did not elaborate further.

"I can’t say the name of this country but it’s a huge country. If they got 1%, that would strengthen Aramco's industry in Saudi Arabia and the request for Aramco’s products in that country where the company bought the share."

Aramco went public in 2019, which helped diversify the country's economy by attracting foreign investment.

Aramco raised more than $25 billion in the IPO and later sold more shares to bring the total to nearly $30 billion.

The offer's proceeds wentto Saudi Arabia's Public Investment Fund, which Prince Mohammed uses to move the country's economy away from oil revenue.