Saudi Aramco became the first publicly traded company in the Middle East to reach a $2 trillion valuation.
Saudi Aramco, formally Saudi Arabian Oil Company, is Saudi Arabia’s national oil company and one of the world’s largest integrated energy companies. Its business includes crude-oil production, refining, chemicals, and energy-related investments.
The company listed shares on the Saudi Exchange in December 2019. Its initial public offering was one of the largest ever, and the company’s market capitalization briefly reached about $2 trillion soon after trading began.
The valuation was based on the company’s listed shares and did not mean that every part of Saudi Arabia’s petroleum reserves was separately traded. Saudi Aramco is also distinct from Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, which owns a major stake in the company.