The front-page maker, deputy crown prince, Mohammad bin Salman, the favorite son of Saudi King Salman, made waves at the beginning of the year by suggesting that Aramco, the state-owned energy monopoly, was nearing its first ever IPO. Most of the comments, unsurprisingly, circled as vultures over the assumptions of what it might be worth.
Since ExxonMobil, boasting of the possession of 25bn barrels of oil, is estimated to be worth around $320bn, Aramco with its immense hydrocarbon reserves of 261bn barrels could weight some $3400bn.
An expert with Bloomberg called the most likely capitalization of Aramco something ”out of this world”. While another shrewd market watcher claimed the final fix of the price tag for the Saudi’s giant would make Apple look like a ”small family owned business.”