Saudi Aramco, among the world’s largest companies by market capitalization, is headquartered in Dhahran, Saudi Arabia.
The company’s roots reach back to the 1933 oil concession granted by Saudi Arabia to Standard Oil of California. Commercial oil production began at Dammam Well No. 7 in 1938, an event that helped transform the Saudi economy and the country’s role in global energy markets.
The name Aramco originated as an abbreviation of Arabian American Oil Company. Saudi Arabia gradually acquired ownership, and the company became fully state-owned in 1980. Its modern name, Saudi Aramco, reflects Saudi ownership and its historic identity.
Saudi Aramco operates across oil and gas exploration, production, refining, chemicals, and distribution. Its 2019 stock-market listing was one of the largest initial public offerings in history. It is distinct from ADNOC, the Abu Dhabi National Oil Company, which is based in the United Arab Emirates.