Saudi Aramco, founded in 1933 as an oil concession company, is Saudi Arabia’s state-owned energy giant.
The company began after Saudi Arabia granted an oil concession to Standard Oil of California, later known as Chevron. Oil was discovered in commercial quantities at Dammam Well No. 7 in 1938, a development that changed the kingdom’s economy and global importance.
The name Aramco originally came from Arabian-American Oil Company. Saudi ownership increased over time, and the company became fully state-owned in 1980. Its present name, Saudi Arabian Oil Company, is commonly shortened to Saudi Aramco.
Saudi Aramco produces and processes hydrocarbons and also operates refining, chemicals, shipping, and marketing businesses. Its 2019 initial public offering was listed on the Saudi Exchange. It is different from Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, which is a separate state investment organization.