Saudi Aramco topped the $2 trillion target sought by Saudi leader Crow...
) topped the $2 trillion target sought by Saudi leader Crown Prince Mohammed bin Salman on Thursday as its shares clocked up a second day of gains, defying some scepticism about the state-owned oil firm’s long-term value.
Riyadh scaled back its plans after overseas investors baulked at the proposed valuation and only 1.5% of Saudi Arabian Oil Co shares were listed on the Riyadh stock exchange on Wednesday, a tiny free float for such a large company. “Saudi Aramco is the largest, most profitable oil company in the world - but size is not everything,” they wrote, flagging the risk of slow net income growth if oil prices stay flat.
“The main concerns here are lagging corporate governance standards as well as environmental issues since an investment in Aramco would obviously have a significant impact on a portfolio’s CO2 emissions,” Love added.
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