New Delhi: The shares of Saudi Aramco were trading at 38.7 riyals on Thursday, recording a 10 per cent jump at the market open and crossing a market value of two trillion dollars before retreating in early trading, stated a report.
The state-owned company had announced in August this year to sell five percent of its stake during its Initial Public Offer (IPO) on the leading stock exchanges across the globe. Notably, in view of the intense competition, the London Stock Exchange (LSE) has offered to alter its existing rules to accommodate the demand of the World’s largest oil producer company, stated a report.
This news comes in the wake of the recent drone attacks which caused fires at two oil facilities of Saudi petroleum company Aramco. Following the terror attacks, Saudi Arabia had suspended the production of 5.7 million barrels of crude which represents over half of the country’s oil output. Besides, the global oil prices hit an all-new high within four months of the devastating drone attacks on two oil facilities in Saudi Arabia, stated a report.