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Saudi Aramco Shares Tick Higher on Stock Sale News

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Aramco News

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Saudi Aramco saw its shares climb higher on Tuesday after media reports that the company planned to sell more shares as soon as next month.

Aramco’s shares climbed slightly higher today after media reports that the company planned to sell more shares as soon as next month. The news about a planned sale was exclusively reported by Reuters, which cited two unnamed sources as saying there were such intentions at Aramco. One of these sources said the deal could bag Aramco some $10 billion in proceeds.

According to some reports, the Saudi government has been having trouble making the project work financially and was in need of fresh cash. Aramco reported first-quarter profits of $27.3 billion. This was down from $31.9 billion for the same period of 2023, due to lower crude oil volumes sold, weakening refining and chemicals margins, and lower finance and other income.

 

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