Chinese sovereign wealth fund eyes Aramco stake: Reuters

London, (Quantum Commodity Intelligence) - China sovereign wealth fund China Investment Corporation is among a number of companies interested in purchasing a stake in Saudi Aramco – the world's number one oil producer- Reuters reported Thursday.

In televised remarks on Tuesday, Crown Prince Mohammed bin Salman said that the government was in discussions to sell a 1% stake in the company, a figure Reuters quoted as equivalent to $19 billion.

Reuters reported Thursday that "major Chinese investors" were in talks to buy the stake, including CIC and other Chinese oil companies.

Saudi is the biggest crude oil supplier to China, which is the world's biggest consumer and importer.

The divestment comes is part of a broader attempt to open up the Saudi economy to foreign investment and raise funds to wean the country off oil revenues.

It follows a decision earlier this month to split off Aramco's pipeline business and sell a 49% stake to a US infrastructure investment company with Aramco holding the other 51%.

Aramco listed on the Saudi bourse in 2019, raising $25.6 billion from a 1.5% stake.

The structure of any future stake in Aramco is unclear, but the Prince Mohammed said that one option would be to hive off Aramco shares and transfer to the Saudi Public Investment Fund and part-listed.