Oil giant becomes world's first $2 trillion company in history

Saudi Aramco shares zoomed higher on Thursday, turning the massive state oil producer into the world's first $USD 2 trillion company and achieving the valuation long sought by Crown Prince Mohammed bin Salman.

Saudi Aramco has gained roughly $300 billion in value since its shares debuted on the Riyadh stock exchange on Monday in the biggest initial public offering on record. It's by far the most valuable company in the world, dwarfing runner up Apple, which is worth around $1.2 trillion. The vast majority of buyers for the stock are in Saudi Arabia. Samba Capital, which managed the IPO, said Tuesday that 97 per cent of retail investors who received shares were from the country. And more than 75 per cent of shares sold to institutional investors went to Saudi companies, funds and government institutions.

Analysts at Bernstein Research said Thursday that the $2 trillion valuation was "too much, too soon" given weak expected earnings growth and little upside for global oil prices. The company looks expensive, they said, compared to peers such as Exxon and Royal Dutch Shell.

No wonder. Even when a sparrow farts in the direction of an oil base or tanker the pump prices rise by 25+ %. Ridiculous, but the Government doesn't care, and ACCC won't act, as there simply is too much $$$ in revenue.

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