Saudi Arabia is promoting stocks in Aramco for the primary time as a part of an financial diversification plan aimed toward weaning the dominion off oil.
Aramco has huge oil reserves and large day-to-day output. It holds a monopoly in Saudi Arabia, the sector’s greatest exporter of crude. It made $111 billion in benefit in 2018, and has promised to pay an annual dividend of $75 billion thru 2024.
— John Defterios and Julia Horowitz contributed to this text.