Saudi Aramco became publicly listed on Saudi Arabia’s Tadawul stock exchange in 2019.
Saudi Aramco is the short name of Saudi Arabian Oil Company, the state-controlled petroleum company based in Dhahran. Its origins trace to the concession granted to Standard Oil of California in 1933. Oil was discovered at Dammam well number 7 in 1938, helping establish the foundations of Saudi Arabia’s modern oil industry.
The company was nationalized in stages, and the Saudi government completed its takeover in 1980. Saudi Aramco’s business spans exploration, production, refining, chemicals, and distribution. Its 2019 initial public offering sold shares on the Saudi exchange rather than offering the company broadly on a major foreign exchange.
Saudi Aramco is distinct from ADNOC, the Abu Dhabi National Oil Company, and from Saudi Arabia’s Ministry of Energy. Its stock symbol on Tadawul is 2222.