Saudi Aramco in Talks to Sell 1 Percent Shares, Beijing-Controlled Fund A Likely Buyer

A picture taken on March 12, 2020 shows the logo of energy giant Saudi Aramco at the entrance of its main building in Riyadh. - Stock markets in energy-rich Gulf states tumbled with Saudi shares down 3.0 percent following worldwide losses amid fears over the coronavirus pandemic and an oil price war. Saudi Aramco dipped 3.0 percent and ended the week down 12.1 percent as the energy giant prepares to announce its first annual earnings. Photo by FAYEZ NURELDINE/AFP via Getty Images

Saudi Arabia plans to sell a 1 percent stake in Aramco, the world’s largest oil company. Based on the company’s market value, the potential sale could be worth $19 billion.

It is believed that the Chinese Communist Party’s sovereign wealth fund China Investment Co., Ltd. (CIC) is most likely to reach a deal with Aramco.