Saudi Arabia confirmed on Monday that it planned to sell a stake of its state oil giant Saudi Aramco which was expected to be valued at more than $2 trillion.
The sale would be less than 5 percent of the company and would be via an initial public offering (IPO), Deputy Crown Prince Mohammed bin Salman said in a television interview with the Al Arabiya News Channel.
He also said there were plans for Aramco, or to give it its full name Arabian American Oil Company, to be transformed into a holding company with an elected board, according to Reuters, with subsidiaries of the firm also to be sold by IPO.
The announcement came as Saudi Arabia’s government unveiled a long-term economic blueprint for life in a low-oil world.
Titled “Saudi Vision 2030,” the plan is due to be officially launched later on Monday. However, some details of the announcement were released by the state SPA news agency which confirmed that the cabinet had voted in favor of the plan.
The plan was due to include regulatory, budget and policy changes that will be implemented over the next 15 years to make the Kingdom less reliant on crude.
“We hope citizens will work together to achieve Saudi Vision 2030,” King Salman said in a brief statement, according to the Al Arabiya broadcaster.