The Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed
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Saudi Arabia's giant oil and gas reserves and any decisions about producing from them will remain solely in government hands after Saudi Aramco's initial public offering, Deputy Crown Prince Mohammad bin Salman said on state television. The world's largest oil exporter known formally as Saudi Arabian Oil Co. holds a concession to pump the kingdom's oil and gas, and a stake in that business is what the government will sell in an offering of "not far from 5 percent" of company shares in 2018, the prince said Tuesday in a TV interview. Aramco's crude reserves are estimated at about 260 billion barrels.The planned IPO is part of policy proposals by Prince Mohammad to reduce the economy's reliance on hydrocarbons.
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