Saudi Arabia has stopped disclosing projected revenue from oil following the listing of Aramco, as doing so could give clues about the state energy giant’s dividend plans.
The kingdom is relying on payouts from Aramco, the world’s biggest oil company, to help plug its budget deficit and bolster an economy that’s been hammered this year by coronavirus lockdowns and the crash in crude prices. The Dhahran-based firm sold shares for the first time in December 2019, though the government still owns around 98% of them.
“The reason we don’t disclose the oil and non-oil breakdown is because of the presence of Aramco as a listed company,” Finance Minister Mohammed Al-Jadaan said in a press conference following the kingdom’s budget announcement for next year. “The government deals with Aramco as a supplier for tax. We have revenue that comes from Aramco, tax that comes from Aramco and also dividends since the government is the largest shareholder.”
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