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The world's most profitable company finally announces IPO, but $2.9 trillion dreams are dashed

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Saudi Arabia's giant state oil company has officially launched what could be the world's biggest-ever listing.

"Today is the right opportunity for new investors to reap the benefits of Aramco's ability to achieve value, and boost it on the long-term," Aramco chairman Yasir al-Rumayyan told a news conference on Sunday at the company's headquarters in the eastern city of Dhahran.

Rumayyan said a decision on an international listing for Aramco shares will be made in the future, without giving a time frame or venue for the overseas listing. Aramco accounted for about one in every eight barrels of crude oil produced globally from 2016 to 2018, it said on Sunday.

 

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Need to get the price of oil up....more drones?

Rania_ElGamal AlanKohler PhillipLasker The Aramco IPO is launched on the Saudi Stock Exchange for domestic investors. In New York, a more detailed audit of Saudi oil reserves would be required. Rystad has 95 Gb proved and 77 Gb probable. Ghawar peaked

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Bigger than Apple, Microsoft — Aramco, the world's most profitable company, to go publicSaudi Arabia's state oil company Aramco has launched its initial public offering, announcing its intention to list the world's most profitable company on the kingdom's domestic stock exchange.
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