Saudi Aramco is the largest publicly traded oil producer and is majority owned by Saudi Arabia.
The company’s roots reach back to a 1933 concession granted to Standard Oil of California. Oil was discovered commercially at Dammam Well No. 7 in 1938, and production expanded rapidly after the Second World War. The Saudi government gradually acquired ownership before completing nationalization in 1980.
Saudi Aramco held its initial public offering on the Saudi Exchange in December 2019. The offering sold a minority stake, while the Saudi government retained control. The listing briefly made Aramco the world’s most valuable listed company by market capitalization.
Aramco’s business covers exploration, production, refining, chemicals, and distribution. It is often confused with Saudi Arabia’s government itself: Aramco is a company, although the state owns most of its shares and its operations are central to the national economy.