Crown Prince Mohammed bin Salman stated that Saudi Arabia is in discussions to sell 1% of Aramco to a leading global energy company, according to Reuters.

According to the Crown Prince, Aramco, the world’s biggest oil company which listed on the Saudi bourse in late 2019, could sell more shares including to foreign investors in the next year or two.

Additionally, Crown Prince pointed to ongoing  talks now for the acquisition of a 1% stake “by a leading global energy company in an important deal that would boost Aramco’s sales in … a major country.”

Marking the fifth anniversary of Vision 2030, Crown Prince added that “There are talks with other companies for different stakes, and part of Aramco’s shares could be transferred to the (Saudi) Public Investment Fund and a part listed … on the Saudi bourse.”

The Aramco initial public offering (IPO) in 2019 was seen as a pillar of the economic diversification program looking to attract foreign investment.

Aramco raised $25.6 billion in the IPO and then sold more shares under a “greenshoe option” to raise the total to $29.4 billion. The proceeds of that offer went to the Public Investment Fund (PIF), the vehicle preferred by the Crown Prince to diversify and transform Saudi Arabia’s economy away from oil revenues.