• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 8 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 14 mins Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 1 day Did China cherry-pick the factors that affected the economic slow-down?
  • 3 hours Are you aware of Oil Price short videos on our energy topics?
  • 1 day "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 8 hours Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 11 hours NordStream2
  • 4 days U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 410 days Class Act: Bet You've Never Seen A President Do This.
  • 6 mins "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 4 days Forecasts for Natural Gas
  • 4 days Australia sues Neoen for lack of power from its Tesla battery
  • 4 days Nord Stream - US/German consultations
Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

Saudi Wealth Fund Looks For $7 Billion Loan For ‘’Opportunistic Investments’'

The Public Investment Fund, the sovereign wealth fund of the world’s largest oil exporter Saudi Arabia, has contacted international banks for a loan of up to US$7 billion to use for new investments, Bloomberg reported on Thursday, citing sources with knowledge of the plans.   

The Public Investment Fund (PIF), as the wealth fund is officially known, aims to be one of the world’s biggest sovereign wealth funds through investments in and outside Saudi Arabia. It is also a key investment vehicle for the Saudi plan to diversify its economy away from oil.

The Saudi fund is now in contact with international banks for a revolving credit facility of between US$5 billion and US$7 billion, hoping the loan could be arranged early next year, according to Bloomberg’s sources. The proceeds from the loan will be used for opportunistic investments, the sources added.

The Saudi fund has made opportunistic investments in stocks of companies including Facebook and Citigroup during the equity market sell-offs driven by the pandemic in March this year. The PIF has since largely sold its stock in those companies, according to Bloomberg, and invested in utilities and materials exchange-traded funds (ETFs).

Last month, the Saudi fund bought 2.04 percent in India’s largest retailer Reliance Retail Ventures Limited for US$1.3 billion, months after pouring US$1.5 billion in Indian digital services company Jio Platforms.

The PIF “has become one of the major drivers of growth for the Saudi economy,” Saudi Crown Prince Mohammed bin Salman said in a speech last month, carried by the official Saudi Press Agency.

The fund is now worth US$346 billion (1.3 trillion Saudi riyal), the crown prince said, adding that the goal under Vision 2030 is to have the fund’s assets exceed US$1.866 trillion (7 trillion riyal).  

To compare, the world’s largest sovereign wealth fund currently is the Government Pension Fund Global of Norway, with US$1.1 trillion in assets.

At the same speech last month, Mohammed bin Salman said that the oil price collapse was depriving Saudi Arabia of US$27.5 billion in oil revenues this year, and admitted that the current oil income was not enough to cover the Kingdom’s salaries bill. 

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News