The Saudi Arabian Oil Co will be opening itself up to privatisation for the first time, according to deputy crown prince Prince Mohammed bin Salman.

The world’s largest energy company, known as Saudi ARAMCO, is worth around $2.5 trillion, and will be turned into a holding company with publicly listed subsidiaries. The move is designed to promote transparency within a company that dwarvfs all other energy firms, with around 5 percent being listed both in Saudi Arabia and another market.

The crown Prince spoke in an interview with the Dubai-based television network Al Arabiya, saying that, “if one percent of Aramco is offered to the market – just one percent- it will be the biggest IPO on earth.”

Saudi ARAMCO has crude reserves of 265 billion barrels, more than 15 percent of global oil deposits, and produces more than 10 million barrels per day.

25/04/2017