At a valuation of $US1.5 trillion , Aramco would still be worth at least 50 per cent more than the world's most valuable companies, Microsoft and Apple, which each have a market capitalisation of about $1.4 trillion.
Just a few years ago, Mohammed bin Salman was relatively unknown. Now, he's one of Saudi Arabia's most powerful men.A sale of 2 per cent of Aramco shares at a $2.2 trillion valuation would make it the biggest IPO of all time, beating Alibaba's. Aramco said the IPO timetable was delayed because it began a process to acquire a 70 per cent stake in petrochemicals maker Saudi Basic Industries.
Crown Prince Mohammed bin Salman has embarked on reforms that some Saudis say haven't gone far enough.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: