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Despite an intense promotional campaign, Aramco is struggling to attract foreign institutional investors. © REUTERS / Ahmed Jadallah

The Saudi oil giant announced Sunday that its valuation could slightly exceed $ 1.7 trillion, which is quite far from the $ 2 trillion envisaged by the Crown Prince. Even lowered, the goal could be difficult to achieve.

On the first day of the subscription period for Aramco shares on Sunday, the group said it would introduce 1.5% of its shares on the Tadawul, the benchmark index of the Riyadh Stock Exchange. This could bring the oil giant about $ 25 billion.

In order to raise some 1,700 billion at the end of the subscription on 4 December, the kingdom has made spectacular efforts to make this operation a success, by encouraging institutional players and wealthy families to invest.

→ See also: Oil: the Saudi giant Aramco launches its IPO

A member of the highest religious body even encouraged the Saudis to subscribe to Aramco shares. This IPO of a company that produces 10% of the oil on the planet arouses enthusiasm only at the local level.

Despite an intense promotional campaign, Aramco is struggling to attract foreign institutional investors. They have fears about the transparency of the Saudi giant and their lack of enthusiasm is also due to the current uncertainty of the fossil fuel sector at least for the next 20 years.