China, through its state-owned oil companies PetroChina and Sinopec, would have made a direct purchase offer for 5% of Saudito Aramco. The two Chinese companies who have expressed interest are part of a state consortium including the sovereign state of China. According to Saudi prince Mohammed bin Salman last year, the possible sale of 5% of the Saudi Oil Company could have yielded around $100 billion, given that the company's trading value would be around 2 trillion dollars. The purpose of the operation by Beijing is to ensure that oil reserves are adequate for their own development. The Chinese authorities are also interested in acquiring a larger percentage of the Saudi Oil Company. The news, for the time being, has not been confirmed by the two Chinese companies. Saudi Aramco's initial public offering is at the heart of an economic reform plan launched by the Saudi Kingdom aimed at diversifying the country's economy beyond the oil industry, considering how the decline in crude oil prices in recent years has adversely affected the country’s budget. The IPO, however, has aired many doubts about Riyadh’s opportunity to “cheaply” sell some basic assets such as Saudi Aramco, to foreigners at a time of low oil prices.