DUBAI: Saudi oil giant Aramco will likely need to transfer significant amounts of money to the Saudi government and the sovereign fund, Public Investment Fund (PIF), as Saudi Arabia puts its finances in order after the coronavirus slump, Bank of America said.
Aramco – which listed in 2019 in a record $29.4 billion share sale – is likely to “do the heavy lifting” to boost state coffers and support mega-projects spearheaded by the PIF, BofA said in a research note.
