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Last week Saudi Arabia’s national oil company Aramco announced its intention to publicly offer shares on the Riyadh stock exchange. The IPO has been pending for several years, but many questions still abound. One of the most important is “What is Aramco actually worth?” It’s a difficult question, because it really depends on how you measure it. The valuation among 16 banks that offered a valuation ranged from $1.1 trillion up to $2.5 trillion. When you try to compare Aramco to a Western supermajor like ExxonMobil,…