Saudi Arabia transfers a near USD 80bn stake in national oil group Saudi Aramco to its Public Investment Fund (PIF), writes Financial Times.

The transfer of the 4% stake happens only a year after the state first transferred a similar chunk from Aramco to PIF. Consequently, the country’s sovereign wealth fund holds an 8% stake in the world’s largest oil producer. 

Crown Prince Mohammed bin Salman, the country’s prime minister, says the transfer will solidify the wealth fund’s strong financial position and credit rating

Sanabil Investments, which is owned by PIF, this month disclosed a string of investments into private equity and venture capital companies such as Blackstone and General Atlantic as part of the country’s ambitious Vision 2030 plan, which aims to modernize the nation and bring about economic change in a push to reduce the country’s oil reliance.

According to Financial Times, bin Salman says that Saudi Aramco last year booked a USD 161bn profit, and that the state intends to keep its 90.18% majority share in Saudi Aramco.