London (CNN Business) Saudi Arabia believes its giant state oil monopoly is worth as much as $1.7 trillion. In a statement Sunday, Saudi Aramco said it was aiming to sell about 1.5% of its 200 billion shares in a partial privatization for between 30 riyals ($8) and 32 riyals ($8.53) each. Apple AAPL That means Aramco, the most profitable company in the world, could be worth between 6 trillion riyals ($1.6 trillion) and 6.4 trillion riyals ($1.7 trillion) — making it also by far the world's most valuable company ahead ofAlibaba's BABA That won't be the only record to fall if Aramco achieves the higher price: at that level, the share sale would raise just over $25 billion, making it slightly bigger than2014 debut on the New York Stock Exchange, so far the world's biggest IPO. Saudi Arabia is selling shares in Aramco for the first time as part of an economic diversification plan aimed at weaning the kingdom off oil.

Source: CNN November 17, 2019 11:26 UTC