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Aramco May Sell Assets, Borrow to Maintain Saudi Dividend
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Aramco may have to sell assets, borrow more to maintain Saudi dividend
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Saeed Azhar and Hadeel Al Sayegh, Reuters
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Oil giant Saudi Aramco, whose dividend remains vital to helping Saudi Arabia contain a huge deficit, may have to sell assets and borrow more to fulfil its fiscal role amid uncertainty in oil prices, market specialists said.
While Saudi Arabia has increased non-oil revenues this year, Aramco still accounted for more than half its total income, and will be key to containing a budget shortfall this year forecast at 298 billion riyals (US$79.4 billion), or 12% of GDP.
Aramco, the world s largest oil producer, listed in 2019 in a record $29.4 billion share sale, but the government still owns 98.2% of the group.
Oil giant Aramco may have to sell assets, borrow more to maintain Saudi dividend
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Last Updated: Dec 16, 2020, 08:43 PM IST
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While Saudi Arabia has increased non-oil revenues this year, Aramco still accounted for more than half its total income, and will be key to containing a budget shortfall this year forecast at 298 billion riyals ($79.4 billion), or 12% of GDP.
Reuters
Though its profits plummeted this year as oil prices tumbled during the COVID-19 pandemic, the company is sticking to a promised $75 billion annual dividend that will go almost entirely to the government.
DUBAI: Oil giant Aramco, whose dividend remains vital to helping Saudi Arabia contain a huge deficit, may have to sell assets and borrow more to fulfil its fiscal role amid uncertainty in oil prices, market specialists said.
World s largest oil producer plans assets sale, borrow more to maintain Saudi dividend
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