Saudi Aramco will hit $2 trillion valuation soon after float: Energy Minister

The logo of Aramco is seen before the start of a press conference by Aramco in Dhahran on November 3, 2019. (File photo: Reuters)

Saudi Aramco may float on the stock market at a valuation below the $2 trillion the Kingdom initially targeted, but it will soon rise above that level on the open market, Prince Abdulaziz bin Salman, the Kingdom’s Energy Minister, predicted on Friday.

The state oil company is expected to start trading for the first time on Wednesday at a valuation of $1.7 trillion, making it the most valuable company in the world.

Speaking to journalists after a meeting of the OPEC oil exporters’ club in Vienna, Prince Abdulaziz said this week’s milestone pricing was a “proud day for all of us.”

“We decided to lower the valuation we were seeking, but on the 11th the shares will be trading and in a few months from now… it will be higher than the $2 trillion and I will bet this will happen,” he said.

“It is a proud day for all of us. It is a proud day for Prince Mohammed to celebrate,” he added, with reference to his half-brother, Saudi Arabian Crown Prince Mohammed bin Salman.

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Last Update: Wednesday, 20 May 2020 KSA 09:54 - GMT 06:54
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