Big change in the stake of Aramco, the world’s largest oil company, announced by Prince Mohammed bin Salman.

Mohammed Bin Salman Aramco: The Saudi government has handed over four percent stake of Saudi Arabia’s leading oil company Saudi Aramco to a subsidiary of the Government Estate Fund. Saudi Arabia’s Prince Mohammed bin Salman made this announcement on Sunday. The government-run Saudi Press Agency gave information about this announcement of the Saudi prince. After this decision, the stake was sent to ‘Saudi Arabian Investment Corporation’ known as Sanabil Investments. SANABIL comes under Public Wealth Fund, also known as Public Investment Fund (PIF). “The transaction will also strengthen PIF’s strong financial position and credit rating,” according to a statement issued about the deal. This statement does not specify any potential investment targets for SANABIL or the PIF. Saudi Aramco has confirmed the transfer of the shares to Sanabil. He said that the Saudi government still remains the largest shareholder of the company. The government still holds over 90 per cent stake in the company.

Aramco informed the stock market

Aramco has informed the stock market that this is a private transfer between the government and Sanabil and the company is not a party and has not entered into any agreement or payment. Earlier in February 2022 also four percent stake of Aramco was transferred to PIF. The market value of Aramco, the world’s third largest company, is $1.94 trillion. Only Apple and Microsoft are ahead of it. Let us tell you that last month the company had given information about its profits. The company has made a record profit of $ 161.1 billion (Rs 1,32,02,16,10,00,000) for the year 2022. The company has made record profits due to the jump in oil prices. It is the first company to post a record profit in February 2022 after rising energy prices following Russia’s invasion of Ukraine. After Aramco, Exxon Mobil of America has earned $ 55.7 billion and Shell of Britain has earned $ 39.9 billion. Let us tell you that this profit of Aramco is more than the annual budget of many small states of the country.

The company had announced a huge dividend

Aramco also declared a dividend of $19.5 billion for the October to December quarter of 2022, to be paid in the first quarter of this year. Most of that dividend amount will go to the Saudi Arabian government, which holds about 95 percent of the company’s shares. Brent crude oil, the benchmark oil price, is now trading at around $82 per barrel.