Saudi Arabia transfers 4% of Aramco shares worth around €70.5bn to investment fund

Saudi Arabia has reaped the benefits of a spike in oil prices after the coronavirus pandemic crashed prices at one point into negative territory, but it also sees the growing worldwide concern over climate change being fuelled by burning fossil fuels

State media said Crown Prince Mohammed bin Salman, the son of King Salman, made the decision (Victoria Jones/PA)

Saudi Arabia will transfer 4% of the stock in the state-run oil giant Aramco to a sovereign wealth fund, in an infusion valued at nearly 80 billion dollars (€70.5bn) as the kingdom tries to overhaul its energy-dependent economy.

The announcement on the state-run Saudi Press Agency (SPA) comes as the oil firm is valued at just under 2 trillion dollars (€1.76 trillion) and as oil trades above 90 dollars a barrel — its highest level since 2014.