Government will still own wells, deputy crown prince says Offering about 5% stake in Aramco’s concession in 2018 Saudi Arabia will retain full ownership of its oil and gas reserves and sole decision-making authority on production levels after Saudi Arabian Oil Co.’s long-awaited initial public offering, Deputy Crown Prince Mohammed bin Salman said in interview Tuesday on state-run television. Aramco, the world’s largest oil-exporting company, holds a concession to pump the kingdom’s oil and gas, and a stake in that venture is what will be sold in the offering of “not far from 5 percent” of its shares in 2018, the prince said. Analysts at Sanford C. Bernstein & Co. and Rystad Energy AS in March said the offering had a potential market value above $1 trillion. “The wells will still be owned by the government,” said the deputy crown prince, the son of King Salman bin Abdulaziz. “The […]