Saudi Aramco (Saudi Arabian Oil Company) history, company profile (overview) and history video
Saudi Arabian Oil Company (formerly Arabian American Oil Company), known to do their business as Saudi Aramco, is a multinational oil and gas company headquartered in Dhahran, Saudi Arabia.
The company’s operations include exploration and production of oil and natural gas, as well as downstream activities that consist primarily of refining and petrochemical manufacturing. Other activities include base oils, lubricants and power generation.
The company also provides its products through its supply and trading, distribution and retail operations.
Saudi Aramco is represented in the three major global energy markets of Asia, Europe and North America.
HISTORY
Saudi Aramco’s origins date back to 1933, when a Concession Agreement was signed between Saudi Arabia and the Standard Oil Company of California (SOCAL). This concession allowed SOCAL to explore for oil in Saudi Arabia. A subsidiary company, the California Arabian Standard Oil Company (CASOC), was created to manage the agreement.
In the 1940s, California-Arabian Standard Oil Co. changed its name to Arabian American Oil Co. (Aramco).
In 1973, the Saudi Arabian government bought a 25% interest in Aramco, increasing its participation interest to 60% in 1974.
In 1980, the Saudi government concluded the purchasing of Aramco by increasing its participation interest to 100%.
In 1988, a new company, the Saudi Arabian Oil Company (Saudi Aramco), was officially established to take over all the assets and responsibilities of the former Aramco.
In 1994, Saudi Aramco acquired a 40% interest in Petron Corporation, the largest crude oil refiner and marketer in the Philippines.
In 1996, the company purchased a 50% interest in privately held Greek refiner Motor Oil (Hellas) Corinth Refineries S.A., and its marketing affiliate, Avinoil Industrial Commercial and Maritime Oil Company, S.A.
In 2017, Saudi Aramco acquired full ownership of Motiva.
In 2018, the company acquired full ownership of ARLANXEO.
In 2019, Saudi Aramco became a public company with shares listed on the Saudi Stock Exchange (Tadawul).
In 2020, Saudi Aramco acquired a 70% stake in Saudi Basic Industries Corporation (SABIC).
With more than 70,000 employees, the Saudi Arabian Oil Company (Saudi Aramco) is considered one of the world’s largest integrated oil and gas companies. According to Forbes, it is considered one of the Largest Public Companies in the World.
*Information from Forbes.com, Wikipedia.org, and ”www.saudiaramco.com/en”.
**Video published on YouTube by “Companies History“.