Saudi Arabia is getting ready for the twilight of the oil age by creating the world’s largest sovereign wealth fund for the kingdom’s most prized assets.
Over a five-hour conversation, Deputy Crown Prince Mohammed bin Salman laid out his vision for the Public Investment Fund, which will eventually control more than $2 trillion and help wean the kingdom off oil. As part of that strategy, the prince said Saudi will sell shares in Aramco’s parent company and transform the oil giant into an industrial conglomerate. The initial public offering could happen as soon as next year, with the country currently planning to sell less than 5 percent. Continue reading
Royal Dutch Shell and Saudi Aramco appear to be getting a divorce, breaking up their joint venture in U.S.-based refining assets.
The two companies joined together to create Motiva Enterprises LLC in 1998, a 50-50 joint venture that operated three refineries on the U.S. Gulf Coast. But Shell and Saudi Aramco have seen their interests head in different directions. “It is now time for the partners to pursue their independent downstream goals,” said Abdulrahman Al-Wuhaib, a senior vice president of Saudi Aramco’s downstream unit. Continue reading
For more information on Prince Alwaleed, who also owns a 19% stake in Fox News, please click here.
As the fracking revolution eases demand for the kingdom’s oil and gas, a billionaire prince warns his nation to find new income.
Billionaire Prince Alwaleed bin Talal said the Gulf Arab kingdom needed to reduce its reliance on crude oil and diversify its revenues.
His warning comes as rising shale energy supplies in the United States cut global demand for Saudi oil. Continue reading