Additional Saudi Aramco share sale likely when market conditions improve: Al-Rumayyan

Yasir Al-Rumayyan, Saudi Aramco chairman and PIF governor.

Selling additional shares of Saudi Aramco in a public offering will be considered when market conditions improve and demand from various institutional and retail investors’ increases, Yasir Al-Rumayyan, Saudi Aramco chairman and Public Investment Fund (PIF) governor, said.

In January, Crown Prince Mohammed bin Salman said during the Future Investment Initiative (FII) summit that the second listing of Saudi Aramco could happen as part of the plans to raise funds for the PIF.

The fund is not only looking at its investments from the financial side, but also looking at private equities and new projects, particularly those related to the green future, Al-Rumayyan said, during the CERAWeek Energy conference.

He also indicated that the PIF’s renewable energy strategy reflects the Kingdom's vision, adding that more than 50% of the Kingdom's energy use will be from renewable energy sources and the remaining 50% will depend on other sources, most notably gas, by 2032.

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