Nov. 02. - Saudi Arabia considers privatising some Aramco operations

Source Press Release
Company Saudi Aramco 
Tags Strategy - Corporate
Date November 04, 2002

The Saudi government is studying the viability of privatising some of the operations of Saudi Aramco. The government share in the newly proposed companies will be 20 %. The ministry seeks to establish a holding company with the aim of setting up support industries and services in the oil and energy sector both in the Kingdom and international markets in collaboration with private investors, according to a source at the Ministry of Petroleum and Mineral Resources.

The proposed company will serve as an umbrella for a group of subsidiary companies, providing scope for international companies to invest in joint projects. Privatisation will involve sale of government shares in private companies. The proceeds of such sales would be spent for the payment of public debts.

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