Post by shout(ON)ZION on Apr 17, 2020 7:52:30 GMT -5
www.reuters.com/article/us-health-coronavirus-saudi-oil/saudi-arabia-buys-stakes-worth-1-billion-in-european-oil-companies-wsj-idUSKCN21R01W
Saudi Arabia buys stakes in four big European oil firms: source
Ron Bousso
2 MIN READ
LONDON (Reuters) - Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has accumulated stakes in four major European oil companies, a source familiar with the transaction said.
The four are Royal Dutch Shell, France’s Total, Norway’s Equinor and Italy’s Eni, the source said, confirming a Wall Street Journal report.
The source did not confirm the combined value of the stakes, which the WSJ reported were worth $1 billion.
“The Saudis have been buying every day almost for the past few weeks, specially since the share prices of many of these companies were in correction territory and dividend yields were very high,” the source familiar with the transactions said.
“They’ve been buying on the basis that everything is much cheaper and that they are bullish on the long-term outlook for oil prices,” the source said, adding PIF had bought into other companies which do not require disclosure too, the source added.
Saudi Arabia buys stakes in four big European oil firms: source
Ron Bousso
2 MIN READ
LONDON (Reuters) - Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has accumulated stakes in four major European oil companies, a source familiar with the transaction said.
The four are Royal Dutch Shell, France’s Total, Norway’s Equinor and Italy’s Eni, the source said, confirming a Wall Street Journal report.
The source did not confirm the combined value of the stakes, which the WSJ reported were worth $1 billion.
“The Saudis have been buying every day almost for the past few weeks, specially since the share prices of many of these companies were in correction territory and dividend yields were very high,” the source familiar with the transactions said.
“They’ve been buying on the basis that everything is much cheaper and that they are bullish on the long-term outlook for oil prices,” the source said, adding PIF had bought into other companies which do not require disclosure too, the source added.
