SwedenLivingWorld world_2_fill WorldBusiness BusinessSports sports-soccer SportsEntertainmentEntertain

The Saudi budget is going backwards – selling oil shares

Saudi Arabia has the large shopping malls on – and the state budget goes back. Now institutional investors are being offered to buy in further into the world's largest oil company, state-owned Saudi Aramco.

» Updated: 16 July 2024, 15:09

» Published: 02 June 2024

The Saudi budget is going backwards – selling oil shares
Photo: Amr Nabil/AP/TT

Saudi Arabia has the big spending shopping malls on – and the state budget is going back.

Now institutional investors are being offered to buy in further into the world's largest oil company, state-owned Saudi Aramco.

Shares that give 0.64% of the ownership in the company are being sold. The offer, which was released on Sunday, is between 26.7 and 29 rial per share (74.9 to 81.4 kronor).

If the final prices land in the middle of the range, it would generate equivalent to 121 billion kronor in revenue, but it could be as high as 138 billion kronor, according to CNBC.

Several multinational business banks are among the actors who have received the offer.

The Saudi state has launched construction projects that include, among other things, the construction of entirely new cities and vast amounts of other infrastructure until 2030.

The total cost has been estimated to be equivalent to over 10 trillion (10,000 billion) kronor. At the beginning of May, it became clear that the state had a budget deficit for the sixth quarter in a row, which has been exacerbated by the relatively low oil price.

This will be the second time that shares are being sold in Saudi Aramco. In 2019, 1.5% of the company was released for 29.4 billion dollars (approximately 309 billion kronor in today's exchange rate).

It is still considered the world's largest IPO.

Tags
TTT
By TTThis article has been altered and translated by Sweden Herald

More news

Strike hits French Cognac
1 MIN READ

Strike hits French Cognac

Upbeat in Japan – Gloomy in China
1 MIN READ

Upbeat in Japan – Gloomy in China

Took a tough stance on crypto companies - resigns
1 MIN READ

Took a tough stance on crypto companies - resigns

Ingvar Carlsson on PG: "A very loyal friend"
2 MIN READ

Ingvar Carlsson on PG: "A very loyal friend"

No Wage Guarantee in American Process
1 MIN READ

No Wage Guarantee in American Process

He became "PG" to the entire Swedish people
3 MIN READ

He became "PG" to the entire Swedish people

PG Gyllenhammar has died: "meant a lot"
1 MIN READ

PG Gyllenhammar has died: "meant a lot"

Unstable US stock market ends on a plus
1 MIN READ

Unstable US stock market ends on a plus

Temu's owner shows its hand
1 MIN READ

Temu's owner shows its hand

Nvidia rises in pre-trading on Wall Street
1 MIN READ

Nvidia rises in pre-trading on Wall Street

Reconstruction in the USA to save Northvolt
3 MIN READ

Reconstruction in the USA to save Northvolt

Northvolt: Negotiations are still ongoing
3 MIN READ

Northvolt: Negotiations are still ongoing

Higher Compensation for Job Interviews in Another Location
1 MIN READ

Higher Compensation for Job Interviews in Another Location

Vehicle Giant Warns of Challenges in 2025
1 MIN READ

Vehicle Giant Warns of Challenges in 2025

Unchanged interest rate in Turkey
1 MIN READ

Unchanged interest rate in Turkey

Trump anxiety in the EU over US tariffs
3 MIN READ

Trump anxiety in the EU over US tariffs

Weak demand for scrapping premium
1 MIN READ

Weak demand for scrapping premium

E-fuel company takes in half a billion
1 MIN READ

E-fuel company takes in half a billion

New Report Boost for AI Giant Nvidia's Share
2 MIN READ

New Report Boost for AI Giant Nvidia's Share

Stockholm Stock Exchange Turned Upwards
1 MIN READ

Stockholm Stock Exchange Turned Upwards