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Saudi Arabia could sell more of its crown jewel
China is the most likely buyer
Saudi Arabia is considering selling part of its giant state oil company to a major foreign investor, likely from China.
The kingdom s crown prince, Mohammed bin Salman, confirmed the possible sale of a 1% stake in the world s biggest oil company on Tuesday. The stake would be worth about $19 billion based on Aramco s market value. There is a discussion now about the acquisition of 1% of Aramco by a global leader in the energy field, bin Salman, the de facto leader of Saudi Arabia, said in a rare televised interview broadcast on Saudi state media. It will be a very important deal to boost Aramco sales in a very large country, he added.
Mideast Petrostates Ramp Up Oil-Asset Sales to Raise Billions
Bloomberg 4/28/2021
(Bloomberg)
Time was when the Middle East’s petrostates recoiled from using their crown jewels to raise money from foreign investors.
Not any more. In the space of a few weeks, Saudi Arabia, the United Arab Emirates, Qatar, Oman and Kuwait have all accelerated multi-billion-dollar plans to sell energy assets or issue bonds off the back of them. Capping that trend, Saudi Crown Prince Mohammed bin Salman said Tuesday the kingdom is in talks with an unidentified “global energy company” to sell a stake worth about $20 billion in state oil firm Aramco.
Mr Kavcioglu was appointed last month after Mr Erdogan fired former governor Naci Agbal, who had stabilised the lira by hiking interest rates by 875 basis points to 19 per cent, the highest of any major economy in the world, in a bid to curb double-digit inflation.
Mr Agbal was the third central bank governor to be dismissed by Mr Erdogan since July 2019.
Previous central bank governors had sold foreign exchange [FX] reserves rather than raise interest rates, which Mr Erdogan opposes.
Turkey has used $165 billion of FX reserves to defend the lira over the past two years and that the country will do so again if needed, Mr Erdogan said last week, according to Bloomberg.