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by WhompingWindows 2872 days ago
No, it's Saudi Arabia attempting to diversify its holdings. If they've seen oil-rich countries fall again and again to low oil prices, it makes a lot of sense for them to hedge their bets and protect against the future where solar (they're investing a ton in this) and EVs may remain supreme. If these investments don't pan out, they still have a massive amount of very cheap oil reserves and will keep those longer than most other oil producers.
2 comments
InitialLastName 2872 days ago
>If they've seen oil-rich countries fall again and again to low oil prices

... especially in context of how successful they've been at lowering oil prices to hurt their rivals.

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jasonmaydie 2872 days ago
yes yes, I get that but it also competes with their current cash cow. They obviously want a say in this technology that is inevitably going to destroy their oil revenues (and that is not a good thing).
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