The Times

Posted: 13 December 2019

Saudi Aramco reaches $2 trillion threshold but doubts persist

 

Saudi Aramco became the world’s first $2 trillion company yesterday as shares in the oil giant rose again on its second day of trading.

The Saudi state oil company briefly exceeded the valuation long targeted by the kingdom as shares hit highs of 38.7 riyals (£7.89) in early trading.

They eased back to close at 36.8 riyals, up 4.6 per cent on the day but just shy of the $2 trillion threshold. Aramco’s valuation is way ahead of the next biggest listed company, Apple, which is worth about $1.2 trillion.

Aramco is the world’s biggest oil company and has exclusive rights to produce Saudi oil reserves. It generated…