49% of "Saudi Aramco" shares to be sold in next 10 years

Baku. 26 December. REPORT.AZ/ Saudi Arabia plans to sell 49% of shares of "Saudi Aramco" in next 10 years.

Report informs citing the TASS, Al Eqtisadiah newspaper writes.

According to the newspaper, the process will continue in phases over 10 years. The first 5% sale of shares expected to take place in 2017-2018.

Notably, the "Saudi Aramco" is recognized as the world's most closed oil company. The reason for privatization is budget deficit in Saudi Arabia caused as result of the sharp drop in oil prices. Market value of "Saudi Aramco" estimated at several billion dollars.

Notably, the state budget of Saudi Arabia for 2017 approved at 52.7 billion USD last week. Despite the draft agreement in Vienna to reduce production in 2017 oil revenues will be 46% more compared to 2016. According to the agreement, Saudi Arabia expected to reduce daily oil production by 0.48 million barrels or 4,6% in 2017 up to the 10.06 mln barrels / day.