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Saudi Aramco is planning on selling shares worth more than $10 billion dollars, with sales potentially transferred to the PIF to finance domestic projects.
Saudi Aramco had initially proposed to ramp up its oil production to 13 million barrels per day following an announcement in 2021.
The LNG investment marks another step towards Saudi Arabia's economic expansion beyond oil production.
The drop in profits reportedly reflects "the impact of lower crude oil prices and weakening refining and chemicals margins" in the aftermath of Russia's invasion in Ukraine, which impacted fuel prices.
Saudi Arabia's expanding sports portfolio has drawn accusations of 'sportswashing' - the use of high-profile events to distract from its human rights record.
Saudi Arabia said Sunday it will transfer 4 percent of the stock of its 'crown jewel' Aramco, a state-run oil giant, to the Kingdom's sovereign wealth fund.
Saudi Aramco that company data had been leaked from one its contractors, but said it had 'no impact' on the oil giant's operations
The oil firm did not say which of its contractors found itself affected by the leak, nor whether that contractor had been hacked or if the information leaked out another way.
![Aramco [GETTY]](/sites/default/files/styles/large_16_9/public/media/images/245EEF0F-5E03-42B5-8A2B-7E93431DAA8D.jpg?h=d1cb525d&itok=1rUU0IgU "Aramco [GETTY]")
Saudi Aramco on Monday began its first dollar-denominated Islamic bond sale, as the energy giant seeks to raise cash to fund its hefty dividend payments.
![Aramco [GETTY]](/sites/default/files/styles/large_16_9/public/media/images/4FC08F72-CD84-4F4F-999E-F60F6E4B3E36.jpg?h=d1cb525d&itok=E7eSZQVb "Aramco [GETTY]")
Saudi Crown Prince Mohammed bin Salman did not name which of the world's 'leading energy companies' was interested in acquiring the stake.