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Liam Denning

Aramco Can Learn From Oil's School of Hard NOCs

National oil giants usually trade at big discounts, and for good reason.

If you've ever wondered what national oil companies are for, one of the bigger ones offers this pithy take on the cover of its annual report:

This isn't strange; national oil companies, or NOCs in industry parlance, are often their country's biggest corporate entity, employer and source of public revenue. The question is what they offer international investors, especially as we await the IPO of the biggest NOC of all, Saudi Arabian Oil Co., or Saudi Aramco.