Saudis begin opening oil industry to foreign investors

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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.