Saudi Aramco shares increased 10% when they began trading on Wednesday, capping a stock market debut that shattered records but failed to achieve the $2 trillion valuation sought by Crown Prince Mohammed bin Salman.
Saudi Arabia has just pulled off the biggest initial public offering in history, raising $25.6 billion by selling shares in its giant state-owned oil monopoly.
Saudi Aramco on Saturday released details of an initial public offering that could shatter records and will give investors the chance to own a piece of the world's most profitable company.
Saudi Arabia's state oil monopoly makes more money than any other company on Earth. But low oil prices, the climate crisis and geopolitical risk could deter investors from buying into the partial privatization of Saudi Aramco.
Saudi Arabia is moving forward with an initial public offering of its huge state oil producer that could shatter records and give investors the chance to own a piece of the world's most profitable company.
Saudi Aramco is trying to pull off a monster IPO that will be a major rainmaker for Wall Street. But environmental groups are urging big banks to help save the planet by refusing to work on the lucrative deal.
An attack in the early hours of September 14 struck at the core of Saudi Aramco, jolting a company that earns over half of Saudi Arabia's total gross domestic product every year.
Oil prices, which have remained low for months, could spike when markets open Monday as Saudi Arabia scrambles to repair damage to its energy infrastructure inflicted this weekend.
Coordinated strikes on key Saudi Arabian oil facilities, among the world's largest and most important energy production centers, have disrupted about half of the kingdom's oil capacity, or 5% of the daily global oil supply.
Saudi Arabia has a new oil minister.
Saudi Arabia has taken an important step forward with its long delayed listing of oil giant Aramco, replacing the company's chairman with someone seen as more sympathetic to Crown Prince Mohammad Bin Salman's IPO ambitions.
Saudi Aramco said Monday that its profit dropped 12% in the first half of its financial year to $46.9 billion due to weaker global oil prices.
Saudi Arabia has placed a huge bet on American natural gas.
Saudi Aramco, divulging its finances for the first time, revealed that it is the world's most profitable company.
