Saudi Aramco was the world’s most valuable listed company at its 2019 initial public offering.
Saudi Aramco is the short name for Saudi Arabian Oil Company, Saudi Arabia’s state-controlled petroleum enterprise. Its roots trace to the California-Arabian Standard Oil Company, formed in 1933 after an oil concession was granted by the Saudi government.
The company discovered commercial oil at Dammam Well No. 7 in 1938, a development that transformed Saudi Arabia’s economy. The state gradually acquired ownership, completing nationalization in the 1980s.
Saudi Aramco listed shares on the Saudi Stock Exchange, or Tadawul, in December 2019. The offering valued the company at about $1.7 trillion. Its market value can rise above or fall below other global giants because oil prices, production expectations, and investor sentiment change.