Saudi government is using Aramco like its own ‘piggy bank’
Aramco has been the country’s cash cow for decades, but the Crown Prince needs billions for everything from tourism and financial services
09 September 2020 - 13:20
Dubai — The world’s biggest oil company is getting squeezed by its main shareholder — the Saudi Arabian government.
Even with crude dropping below $40 a barrel this week and its cash flow plunging, Saudi Aramco is trying to pay a $75bn dividend this year, almost all of it to the state. Concerns are mounting, including among global fund managers who bought into the company during a record initial public offering (IPO) last December, that Aramco is putting strategic projects on ice and racking up debt too quickly...
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