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

John E. Kaye
- Published
- News, Sustainability

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 to The European Newsletter
RECENT ARTICLES
-
Trump family’s crypto debut adds $5bn to fortune amid ethics row
-
Warren Buffett turns 95 – the secrets behind a $130 billion fortune
-
Most game developers now using AI in their workflows, Google Cloud study finds
-
BlackRock takes $89m stake in Freedom Holding, emerging as second-largest shareholder
-
Welcome to Britain’s most exclusive founders’ network with £1M entry bar
-
Portugal’s GR22 crowned Europe’s most rewarding hiking trail
-
Music faces a bum note without elephant dung, new research warns
-
Fermi America secures $350m in financing led by Macquarie Group
-
Cambodia to rename key highway after Donald Trump for brokering peace deal
-
Want your business to succeed? Start with your own wellbeing, say SME leaders
-
The five superyacht shows that matter most
-
Short circuit: humanoids go for gold at first 'Olympics for robots'
-
Return to sender? Royal Mail’s red boxes go high-tech
-
New IBM–NASA AI aims to forecast solar flares before they knock out satellites or endanger astronauts
-
Uber plots Channel Tunnel disruption with app-bookable high-speed trains
-
Global tech leaders back Nigeria’s $1 trillion digital ambition at GITEX Nigeria 2025
-
Scientists are racing to protect sea coral with robots and AI as heatwaves devastate reefs
-
Game, set...wax. Billie Jean King statue unveiled in New York
-
Vegas on a losing streak as visitors drop 11%
-
The European launches new Digital Content Exchange Network
-
Munich unveils new hydrogen lab as Europe steps up green energy race
-
Dubai Humanitarian launches film highlighting $48m global aid effort
-
Inside MINISO’s new giant Amsterdam store aimed at Europe’s Gen Z shoppers
-
Global demand drives record enrolment at Mohamed bin Zayed AI University
-
Tech boss’ dream private island on sale for £3m complete with fortress, helipad and...nightclub