In the middle of the global climate summit, with a large part of Western political leaders announcing commitments to reduce pollutant emissions from their countries, there is a Saudi company dedicated to the world of oil that does not stop breaking records in its recent stock market debut.

Aramco, the world's largest oil company, has achieved in its first two sessions a revaluation of more than 15% and has become the first company that exceeds two billion dollars in capitalization.

This figure triples the value of the Ibex companies, doubles the capitalization set of all Spanish listed companies, which at the end of last November touched 700,000 million euros, and would be equivalent to the eighth country in the world by GDP exceeding Italy .

The strong entry into the Aramco Stock Exchange has created a huge paradox in the global economic system. When most Western investors begin to introduce environmental guidelines to choose their investments in listed groups, an oil company becomes the best company in the world.

Why? The first answer is found in the group's own balance sheet. Aramco has 10% of the world's crude oil production -200,000 million barrels per day-, so its huge market share and especially its low production costs will allow the company to protect itself against a decrease in oil consumption in a part of the planet (in Asia, for example, this reduction is not expected). In 2018, the company earned $ 111 billion, equivalent to the sum of the benefits of Apple, Google and the largest private oil company, Exxon.

Beyond the internal doubts that it generates among Western investors, the IPO of Aramco has aroused great interest in countries such as China and other oil states in the Persian Gulf such as Abu Dhabi and Kuwait.

Despite this global environmental awareness, the company could end up joining some of the largest stock indexes on the planet. This would allow the group to expand its portfolio of potential investors.

The doubts about Aramco

The main obstacle to investment in Aramco is precisely that the company has gone public in Riyadh, which implies a dilemma for investors most concerned with the situation of the Saudi country in terms of human rights and climate change.

In addition, the oil company is doomed to dance on the stock market at the rate marked by the volatile price of a barrel of crude. At the moment, the oil seems stable in the surroundings of the 60 dollars, but in the last years it has oscillated between 80 and 28 dollars weighed down by attacks and the price war carried out by countries outside the OPEC cartel with New extraction techniques such as fracking.

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