By Bloomberg

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Posted inEurope, Saudi Arabia

Saudi wealth fund said to take stakes in European oil majors

Stakes in Equinor, Royal Dutch Shell, Total and Eni were bought by the Public Investment Fund on the open market in recent weeks

By Bloomberg
Saudi wealth fund said to take stakes in European oil majors

PIF bought a stake worth around $200m in Norway’s Equinor; the size of the stakes in Royal Dutch Shell, Total and Eni couldn’t be determined.

Saudi Arabia’s sovereign-wealth fund has taken stakes worth about $1 billion in European oil majors Equinor, Royal Dutch Shell, Total and Eni, Dow Jones reports, citing people familiar.

Stakes were bought by the Public Investment Fund on the open market in recent weeks, and the fund may continue to make stock purchases.

PIF bought a stake worth around $200m in Norway’s Equinor; the size of the stakes in Royal Dutch Shell, Total and Eni couldn’t be determined.

Spokespeople from Equinor, Royal Dutch Shell, and Eni declined to comment, Dow Jones said; Total didn’t respond to a request for comment.

Royal Dutch Shell ADRs rose about 2% post market.

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