Saudi Arabia is set to lift the lid on one of the energy industry’s most closely guarded secrets as it prepares to sell shares in Saudi Aramco: how much oil lies beneath the desert kingdom’s sands.
“This is going to be the most transparent national oil company listing of all time,” Khalid al-Falih, the energy minister of Saudi Arabia, said in an interview with the Financial Times.
Saudi officials have consistently said there are about 260bn barrels of proven reserves at the world’s largest oil exporter since the formerly US-controlled Saudi Aramco was nationalised in the 1980s.
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