Among the world's richest companies by market cap, Saudi Aramco is the energy company majority owned by Saudi Arabia.
Saudi Aramco is the short name for Saudi Arabian Oil Company. The Saudi government owns the majority of its shares, making the company a state-controlled enterprise. Its operations span exploration, production, refining, chemicals, and petroleum distribution.
The company's origins trace back to an oil concession granted to Standard Oil of California in 1933. Oil was discovered commercially at Dammam Well No. 7 in 1938. The enterprise gradually came under Saudi control, and the government completed the acquisition of Aramco in the 1980s.
Saudi Aramco listed shares on the Saudi Exchange in 2019. Its valuation is often discussed alongside technology companies because it has ranked among the world's largest public companies by market capitalization. Market capitalization is not the same as the value of all oil reserves in the ground.