Economic Diversification and Saudi Aramco Privatization
Article from: OGEL 4 (2016), in Economic and Commercial Context for Oil, Gas and Energy Law
Introduction
July 2016 - Sharply lower crude oil prices since mid 2014 have highlighted the extent to which most oil exporting countries remain highly, and in some cases dangerously, dependent on petroleum export revenue. In the case of Saudi Arabia, the government has presented its National Transformation Program (NTP) and its plan to partially privatize the state-owned oil company Saudi Aramco as necessary steps toward economic diversification. The ambitious NTP includes many positive measures, such as encouraging private entrepreneurship, modernizing and liberalizing the economy, creating ...