2:54 AM, February 24, 2024

SOURCE: Saudi Arabia buys stakes in 4 big European oil firms

Daily News
| The European |

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has accumulated stakes in four major European oil companies, a source familiar with the transaction said. 

The sourced said that the four companies are Royal Dutch Shell, France’s Total, Norway’s Equinor and Italy’s Eni, therefore confirming a Wall Street Journal report. 

The source however did not confirm the combined value of the stakes, which the WSJ reported were worth $1 billion. 

“The Saudis have been buying every day almost for the past few weeks, especially since the share prices of many of these companies were in correction territory and dividend yields were very high,” the source familiar with the transactions said. 

“They’ve been buying on the basis that everything is much cheaper and that they are bullish on the long-term outlook for oil prices,” the source said, adding PIF had bought into other companies which do not require disclosure too, the source added. 

Equinor, Total and Shell declined to comment. PIF did not reply to a request for comment. 

PIF’s purchases come during a global oil and gas industry downturn, as demand has slumped during the coronavirus outbreak. 

PIF is Saudi Crown Prince Mohammed bin Salman’s vehicle for boosting Saudi Arabian investments at home and abroad, as he seeks to diversify the kingdom’s oil-heavy economy. 

The fund manages over $300 billion in assets and has stakes in Uber and electric car company Lucid Motors. 

It has also allocated $45 billion to SoftBank’s $100 billion Vision Fund. On Monday, it disclosed an 8.2% stake in cruise operator Carnival Corp. 


Reported by Saeed Azhar 

Sourced Reuters 

For more Energy and Daily news follow The European Magazine 

Sign Up

For the latest news

Magazine Hard Copy Subscription

Get your
favourite magazine
delivered directly
to you


Digital Edition

Get every edition delivered
directly into your email inbox


Download the App free today

your favourite
business magazine
while on the go.
Available on

Other Daily News Articles You May Like

Website Design Canterbury