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    Running out of money, Saudi Arabia consider selling oil company

    Sunday, January 10, 2016, January 10, 2016 EDT Last Updated 2016-01-11T04:17:25Z
    Saudi Arabia is currently considering selling shares of state-owned oil giant, Saudi Aramco. This decision was taken when oil prices fell to the lowest point in the last decade, and Saudi Arabia experienced a terrible financial situation.
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    The company said that they are studying options to allow public participation in the equity of the company, including the IPO group or some of its subsidiaries.

    Saudi Aramco is the world's largest oil producer and they are called to be pumping 12 percent of world's oil supplies. They also claim to save 261 billion barrels of oil reserves, or 15 percent of the world total.

    "Saudi Arabia is currently experiencing uncontrolled state spending, they are desperate to get cash," said security expert energy Brookings Doha Center, Luay al-Khatteeb as written CNN, Sunday (10/1).

    Oil accounts for 75 percent of the income of Saudi Arabia, and the price has plummeted since the middle of last year.

    World oil prices exceed the lowest point in the last 12 years. From the beginning above USD 100 per barrel oil price is now only USD 33 per barrel.[idr]


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