Saudi Arabia might consider listing more shares in Saudi Aramco if the valuation is right and if the state oil company was considering a “massive program of asset divestments,” according to the governor of the Kingdom’s Public Investment Fund.“Historically speaking, [Saudi Aramco] used to do everything themselves… they had their own airports, their own fleets, their own pipelines,” Yasir al-Rumayyan told the Financial Times. “Now if it makes sense for us to divest some of these assets, we’re definitely going to do it. It could include anything except the main operations,” he added.For all the latest headlines follow our Google News channel online or via the app.Al-Rumayyan’s statements come a day after Saudi Arabia’s Crown Prince Mohammed bin Salman announced on Sunday the Kingdom’s strategy for its Public Investment Fund (PIF) for the next five years, including a target of doubling its Assets under Management (AUM) to reach $1.07 trillion by 2025.The PIF governor, who is also chair of Saudi Aramco, told the Financial Times that the Kingdom’s sovereign wealth fund would need additional government cash injections, but said it would happen only when the central bank’s reserves were replenished.“We have governance in both companies…The PIF way will never allow one party to put the pressure on the other one,” Al-Rumayyan told the Financial Times when asked regarding concerns Aramco would become a cash cow for the PIF.Read more:Saudi Arabia’s PIF to invest 3 trillion riyals over next 10 years: Crown PrinceSaudi Arabia’s PIF launches company to develop private security sectorSaudi Public Investment Fund to be world leader: ReportHere are the top 10 sovereign wealth funds in the Arab world
Source: Al Arabiya
Full Article: Saudi Arabia might list more shares in Aramco under right valuation: PIF governor
