Aramco shares soar raising its market value

Saudi Aramco shares soared to a record high of 42.25 riyals ($11.26) on Thursday, a surge of 4.2 percent, as global oil prices breached the $100 a barrel .

The soaring share price also raised Saudi Aramco’s market value to $2.24 trillion – within close reach of the world’s most valuable company, Apple Inc, valued at $2.6 trillion. 

As its shares soared to the highest level since listing, Aramco surpassed Microsoft, claiming its position as the second-largest valued company worldwide.

Thursday’s rally marked the third straight day that shares of Aramco were up for, although Saudi Arabia’s benchmark index was down 2.2 percent in afternoon trade. Aramco shares have gained more than 16 percent year to date.

Brent crude  topped $100 a barrel for the first time since 2014, renewing concerns that a war in Europe could disrupt global energy supplies.  

On Wednesday, Aramco and an international investor consortium, led by affiliates of BlackRock and Hassana, announced the successful closing of a gas pipeline deal.

Later in the day, Saudi Aramco CEO Amin Nasser told media in Doha that the oil giant was reviewing some assets to potentially sell in the future. The move comes after oil and gas pipeline deals were previously announced as part of Aramco’s asset optimisation programme, Nasser added on the sidelines of the International Petroleum Technology Conference 2022