Saudi Aramco operates Saudi Arabia’s oil business and had the world’s largest IPO in 2019.
Saudi Aramco is the commonly used name for Saudi Arabian Oil Company. Its origins trace to the 1933 oil concession granted to Standard Oil of California, and oil production began at Dammam Well No. 7 in 1938.
The company became fully owned by the Saudi government in 1980. It remains a vertically integrated energy business involved in exploration, production, refining, chemicals, and distribution. Saudi Arabia’s large oil reserves make the company strategically important to the country and global energy markets.
Saudi Aramco’s shares began trading on the Saudi Exchange in December 2019. The offering raised about $29.4 billion, making it the largest initial public offering at the time. Its market capitalization can move substantially with oil prices, production expectations, and investor sentiment.