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Issue 5 2022 - Saudi Aramco transfers 4% of its shares to PIF

 Last Update: 2022-11-12
 Source: Internet
 Author: User

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Saudi Aramco transferred a 4% stake to PIF

Saudi Aramco said in a statement filed with its stock exchange Tadavul that it transferred a 4 percent stake to the country's sovereign wealth fund, the Saudi Public Investment Fund (PIF), which is expected to use the proceeds for domestic projects
.

PIF is one of the biggest backers of renewable energy projects in Saudi Arabia, including $500 billion in future new energy development projects
.
PIF is authorized by the Saudi government to invest 70% of its assets in renewable projects
in Saudi Arabia.
PIF has selected 13 development areas, including solar and wind power projects and development
.

Saudi Aramco said the share transfer was a "private" transaction between the government and the PIF, and that Saudi Aramco was not a party to the share transfer and had not reached any agreement
on payment or proceeds from the transfer.

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