Topic: Energy & Natural Resources

Subject: Saudi Arabia buys stakes in four big European oil firms
Mark Erogbogbo
Member: 2019
Submitted on 04-16-20 11:20 pm

Saudi Arabia’s sovereign wealth fund, the" target="_self">Public Investment Fund (PIF), has accumulated stakes worth about $1 billion in four major European oil companies," target="_self">The Wall Street Journal reported citing people familiar with the matter. The four companies are Norway's" target="_self">Equinor, Anglo-Dutch energy company" target="_self">Shell, France's" target="_self">Total and Italy's" target="_self">Eni, according to the newspaper. The fund built a stake of about $200 million in Equinor in the days around a sharp rally in oil prices the Journal reported, adding it could not learn the size of the stakes bought in the other three companies, but that the combined stakes were worth about $1 billion. The purchase of the stakes comes during a downturn in the global oil and gas industry, as energy demand has slumped during the coronavirus outbreak.


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