Oil: Saudi Arabia is planning the largest sovereign wealth funds in the world – THE WORLD

Saudi Arabia, the Super-oil power, suffers from the low price of oil. Although not as much as smaller oil producers – led by Venezuela, the bankruptcy threatens -. But enough to care

falling since mid-2014 prices because large oil powers such as Saudi Arabia and the United States to promote uninhibited. In a ruinous price war no one wants to reduce the odds of first, afraid then to lose market share.

But even Saudi Arabia now realizes that him this strategy harm long term more than good. And so the deputy crown prince Mohammed announced bin Salman Now in an interview with news agency Bloomberg something, which is equivalent to the severely restricted oil empire a Revolution: Saudi Arabia opens markets and will reduce its oil dependency

Salman announced on the stock market the State company Saudi Aramco in 2017 or 2018th Saudi Aramco is the largest oil supplier in the world. Around five percent of the shares may acquire private investors, the rest remains under the control of the kingdom by using a newly created sovereign wealth funds. This would then automatically the largest in the world.

He would even the currently largest SWFs from Norway, which consolidates its oil wealth in “Statens pensjonsfond Utland” in far outstrip. The Saudi Crown Prince estimates the value of the planned fund to more than two trillion dollars. By comparison, Norway’s fund was late last year when only 825 billion US dollars

The state funds in which then manages the income from the oil business are. , should help the country to diversify its economy, Salman explain further. The Fund should lead the oil giant Aramco and therefore Saudi Arabia in the post-oil era. Investing in many different industries are planned.

Aramco as the largest oil producer in the world have the opportunity to help shape the future of energy and to control, as the Crown Prince. “From today, we want to venture this way.”

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