Saudi government raises $11.2 billion from Aramco shares

The Saudi government has successfully raised SR42.10 billion ($11.2 billion) through the secondary offering of shares from Aramco, the world's largest oil company. This move is part of Aramco's strategic plan to enhance its global presence in the energy and chemicals sector. By focusing on improving oil processing, expanding gas production capacity, and integrating upstream and downstream operations, Aramco aims to meet the increasing demand for its crude oil products.

In June, Aramco launched the sale of over $10 billion in shares, marking its second listing after the record-breaking $25.6 billion raised during its initial public offering in December 2019. The offering targets various investors, including institutional investors in Saudi Arabia, qualified institutional investors outside the country, and eligible retail investors in the Kingdom and other GCC nations.

These expansion efforts align with Aramco's goal of solidifying its global position as a leading energy and chemicals company. The offering adheres to Regulation S under the US Securities Act of 1933, ensuring compliance with international standards.

The successful secondary offering of Aramco's shares has not only boosted the Saudi government's earnings but also reinforced Aramco's strategic vision of becoming a key player in the global energy market. This development signifies a significant step towards achieving Aramco's long-term goals and meeting the evolving energy needs of the world.