Experiences of Saudi wealth fund taking gargantuan stakes in European oil firms

RIYADH: Saudi Arabia’s sovereign wealth fund, the Public Funding Fund (PIF), has obtained stakes value about $1bn in predominant oil firms in Europe, the Wall Avenue Journal reported on Wednesday.

The unconfirmed anecdote suggests the Kingdom’s wealth fund has purchased stakes in Norway’s Equinor ASA, Anglo-Dutch energy company Royal Dutch Shell, France’s Complete SA and Italy’s Eni SPA.

The PIF declined to observation.

The fund built a stake of about $200 million in Equinor in the days spherical a pointy rally in oil prices final week, the Journal reported, adding it might well presumably presumably presumably no longer learn the scale of the stakes bought in totally different three firms, nonetheless that the mixed stakes were value about $1 billion.

— With input from Reuters

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