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Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has amassed stakes
in four major European oil companies, a person familiar with the matter said.
The four are Royal Dutch Shell, France's Total, Norway's Equinor and Italy's Eni
, the source said.
While the total value of the shares has not been confirmed, the Wall Street Journal reports that the shares are worth $1 billion
.
"Saudi Arabia has been buying almost every day for the past few weeks, especially since many of these companies are in correction territory and have high dividend yields
," the source familiar with the deal said.
They buy because everything is much cheaper and they are bullish
on the long-term outlook for oil prices.
”
He added that PIF has acquired other companies
that are also not required to disclose information.
At press time, Equinor, Total and Shell declined to comment
.
PIF did not respond to Reuters' request
for comment.
The purchase of PIF comes at a time of downturn in the global oil and gas industry as demand drops
during the coronavirus outbreak.
PIF is an important financial vehicle for Saudi Crown Prince Mohammed bin Salman to promote Saudi Arabia's investment at home and abroad to diversify
Saudi Arabia's oil-intensive economy.
The fund manages more than $300 billion in assets and owns shares in Uber and electric car company Lucid Motors
.
In addition, PIF allocated $45 billion
to SoftBank's $100 billion Vision Fund.
Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has amassed stakes
in four major European oil companies, a person familiar with the matter said.
The four are Royal Dutch Shell, France's Total, Norway's Equinor and Italy's Eni
, the source said.
While the total value of the shares has not been confirmed, the Wall Street Journal reports that the shares are worth $1 billion
.
"Saudi Arabia has been buying almost every day for the past few weeks, especially since many of these companies are in correction territory and have high dividend yields
," the source familiar with the deal said.
They buy because everything is much cheaper and they are bullish
on the long-term outlook for oil prices.
”
He added that PIF has acquired other companies
that are also not required to disclose information.
At press time, Equinor, Total and Shell declined to comment
.
PIF did not respond to Reuters' request
for comment.
The purchase of PIF comes at a time of downturn in the global oil and gas industry as demand drops
during the coronavirus outbreak.
PIF is an important financial vehicle for Saudi Crown Prince Mohammed bin Salman to promote Saudi Arabia's investment at home and abroad to diversify
Saudi Arabia's oil-intensive economy.
The fund manages more than $300 billion in assets and owns shares in Uber and electric car company Lucid Motors
.
In addition, PIF allocated $45 billion
to SoftBank's $100 billion Vision Fund.
