The value of Saudi Arabia’s state-owned oil giant has fallen below the $2tn target after a tepid response from international investors to its stock market flotation.
Saudi Aramco will sell up to 1.5% of the world’s most profitable company. This would value the company at between $1.6tn and $1.7tn.
After a series of delays, Aramco’s IPO will offer a far smaller stake.
A Bloomberg poll of international money managers found the majority put Aramco’s valuation at between $1.2tn and $1.5tn.
Prices of oil has deteriorated in the past few years with no hope for recovery. Climate change, electric cars and renewable energy, gave no chance for oil to be anywhere in the coming 10 years.
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