Saudi Arabia owns the majority stake in Saudi Aramco, one of the world’s largest companies by market capitalization.
Saudi Aramco, formally the Saudi Arabian Oil Company, is Saudi Arabia’s national petroleum and natural-gas company. The Saudi government retains majority ownership, while a portion of the company’s shares trades publicly on the Saudi Exchange.
The company’s history began with the discovery of oil near Dammam in 1938. Its name reflects its origins as the Arabian American Oil Company, but ownership gradually moved from American oil companies to the Saudi state. Saudi Aramco became a public company through an initial public offering in 2019.
A common mix-up is confusing Saudi Aramco’s share listing with ownership of all Saudi oil reserves. The company is commercially valued through its shares, while the Saudi state retains control over the country’s natural resources and petroleum policy.