Page 15 - MEOG Week 04 2021

MEOG NEWS IN BRIEF MEOG

The Saudi government sold more than demand, Minister of Energy Prince Abdulaziz Affairs, in direct follow-up and negotiation
1.7% of Aramco in a 2019 initial public Bin Salman said on Monday. in many critical situations, so as to enable the
offering that raised a record $29.4 billion, Addressing the ceremony to launch the ministry to implement this main demand, and
triggering more IPOs in the kingdom, which ministry’s new brand identity, the minister without it, the public finances will be affected
is also seeking to deepen its capital markets to said that this is part of the important and thus will negatively affect the state’s
reduce its reliance on oil. programs for the energy system that aim to initiatives and programs.
Yasir al-Rumayyan, who is governor of sustain the demand for hydrocarbons and The minister announced that all the
Saudi Arabia’s Public Investment Fund (PIF), seek to replace petroleum liquids by solar ministry’s programs are now linked to the
made the comments during a media briefing energy. participation and contribution of government
to give details on the PIF’s five-year plan. Prince Abdulaziz said that Crown Prince and private agencies, to enable the ministry
The PIF, whose holdings include a stake Muhammad Bin Salman is keen on following to implement these programs that will
in Uber, plans to double its assets to 4 up the program, as it will play a significant have a positive developmental impact in
trillion riyals ($1.07 trillion) by 2025, Prince role in raising demand for these materials. its comprehensive sense. “As Saudis, we do
Mohammed bin Salman said on Sunday, Its outputs also enhance the national not fear the challenge, but rather accept
making it one of the world’s biggest sovereign economy’s benefit from the value added it, and we will be among the initiators of
wealth funds. resulting from achieving the maximum finding solutions,” he said adding that the
Initially the government had wanted production of these materials, he explained. National Program for the Circular Carbon
to list Aramco on the Saudi bourse and an According to the minister, restructuring Economy is empowered to prolong the use of
international stock exchange, but an overseas the electricity sector will have positive results hydrocarbons.
listing plan was shelved. at all levels. It will enable the sector to have SAUDI GAZETTE
Aramco shares closed 0.1% lower at 34.70 renovation and construction in a way making
riyals ($9.25) on Tuesday, valuing it at $1.85 it capable to respond to future programs, and
trillion, behind the world’s most valuable the program of replacing petroleum liquids
company, Apple. with solar energy and gas.
REUTERS He emphasized that the program is one
of the largest and most important programs
that will be implemented because of its
OIL added value to the national economy and the
financial capabilities it will provide that were
Saudi developing new wasted earlier.
“The energy system has made a great effort
methods for exploitation over the past year to restore stability to the
petroleum markets,” he said while praising the
Saudi Arabia intends to develop new methods key role of the Crown Prince, the chairman
for oil and gas exploitation in its bid to boost of the Supreme Committee for Hydrocarbon

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