Saudis mull Aramco's partial privatization
The state-owned Saudi Arabian Oil Company (Aramco) is looking into the possibility of partially privatizing some of its operations, the Saudi Minister of Petroleum Ali Ibrahim Naimi confirmed. Aramco is also planning to set up a publicly held energy services company, reported Arab News.
Aramco has been mulling the idea over the past few years and is probably referring to the company’s medical, housing and transport subsidiaries and not its core oil and gas operations within the Saudi kingdom.
With control over the kingdom's production of 7-10 million barrels of crude a day—12 percent of the world's total—while holding a quarter of all known reserves, Saudi Aramco is the world’s largest oil producer. — (menareport.com)
© 2002 Mena Report (www.menareport.com)