(Alliance News) - Saudi Arabia has picked up USD1 billion worth of stakes in some of the world's largest oil companies, including Royal Dutch Shell PLC, the Wall Street Journal reported on Wednesday.
Through its sovereign wealth fund, the Public Investment Fund, Saudi Arabia also bought stakes in Shell's fellow oil majors Total SA and Eni SpA.
It also purchased USD200 million worth of shares in Norwegian oil producer Equinor ASA, the Wall Street Journal reported. The US newspaper added that the exact holding Saudi Arabia purchased in the other companies were unknown, but the estimated the combined stakes were worth USD1 billion.
A source told the Wall Street Journal that further purchases would not be a surprise.
https://www.wsj.com/articles/saudis-take-big-stakes-european-oil-companies-11586382353
By Eric Cunha; ericcunha@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
