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Saudis begin opening oil industry to foreign investors


economy

Saudis begin opening oil industry to foreign investors

Saudi Arabia will open its oil refining ventures to foreign investors, but not state-owned exploration and production activities, according to sources close to officials.

Managers of the oil giant Saudi Aramco have reportedly been told shares may be in so-called “joint downstream subsidiaries” at home and abroad.

Speculation about a sell-off of Aramco shares has been rife since the move was hinted at by Deputy Crown Prince Mohammed bin Salman in a recent interview with ‘The Economist’.

Amid prolonged low oil prices Saudi Arabia wants to diversify its economy.

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