Thursday, 23 August 2018

Saudi Cancels Plan to Sell Shares of State Oil Company Aramco

Saudi Arabia has reportedly called off plans to sell shares of its state oil company, Aramco. The kingdom would bring in trillions of dollars by selling a mere 5 percent of Aramco on national and international stock exchanges. The public stock offering was being billed as the biggest in history. The IPO was also forecast to return trillions of dollars to the kingdom, enabling it to restructure its economy and reduce dependency on oil revenue. Al Jazeera's Paul Chaderjian reports.