Saudi Arabia Transfers 8% of Aramco to PIF
His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister, announced the completion of the transfer of 8% of the total shares of Saudi Arabian Oil Company (Saudi Aramco) from state ownership to the portfolios of companies fully owned by the Public Investment Fund. As a result of this transfer, the state’s ownership percentage in the company will become 82.186% of the total shares of the company, reported Alyaum.
Maximizing the Assets of the Public Investment Fund
His Highness pointed out that the transfer of a part of the state’s shares in Saudi Aramco is a continuation of the Kingdom’s initiatives aimed at enhancing the national economy in the long term, diversifying its resources, and providing more investment opportunities.
Aramco Acquires 100% of Esmax
Saudi Aramco has announced the completion of its acquisition of a 100% ownership stake in Esmax. It is a prominent player in the fuel distribution market in Chile. This strategic acquisition enhances Aramco’s distribution network. It also marks a significant step in its efforts to diversify its operations.
A Strategic Expansion into Latin America
Accordingly, the acquisition of Esmax by Aramco represents a key milestone in the Saudi oil giant’s global expansion strategy. By taking over a company that has a substantial presence in the retail trade of fuel in Chile, Aramco is positioning itself as a major player in the energy sector across Latin America. This move is also in line with the company’s objectives to extend its reach beyond its traditional markets.
Related Topics
Al-Benyan: AI to Be Responsible for 70% of Business Practices
Aramco Signs 5 Agreements with International Consulting Firms