Nvidia has surpassed Saudi Aramco as the third most valuable public company after Apple and Microsoft.
Minister Al Falih, head of Aramco, has expressed intention for investment in India’s oil industry. The intention has been revealed following its earlier decision for selling less than 5% stake of Aramco through IPO. All the moves have been analyzed as parts of Saudi bid to diversify its economy while reducing dependence on oil prices.
Surpassing Russia, the Kingdom of Saudi Arabia (KSA) has regained its lost status as top oil exporter to China in January 2016. However, China's oil imports eased during the month, while Russia suffered major drop in its exports. As a result, Saudi's market share rose to 15.9 percent highest since June 2015.
Aramco is the largest known oil producer in the world with a daily production of 10.25 MMbpd. KSA authority has increased feedstock prices to narrow down its budgetary deficits and also increases daily production rate to cope with the soaring demands. Now it is in efforts for Aramco’s listing for IPOs. If listed, Aramco will be the world’s first corporate entity with asset value of more than $1 trillion.
Saudi Aramco, the Saudi Arabian oil company, has emerged as the most valuable company in the world. Talks about a potential public offering have created quite a stir in the stock market, as the investors wait for more details from the oil kingdom.
State-owned Saudi Arabian Oil Co. (ARAMCO) is possibly going for an IPO aiming to raise funds for $1 trillion to $10 trillion. Some shares of the IPO may be awarded among the local banks and investors following ARAMCO’s action plan. However, experience in banking operations in the kingdom is believed to play the key role for selection which put HSBC and JPMorgan well ahead in the IPO grabbing race.
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