Saudi Aramco became the world’s most valuable listed energy company after its 2019 stock-market listing.
Saudi Aramco, formally Saudi Arabian Oil Company, began trading on the Saudi Stock Exchange, known as Tadawul, in December 2019. The initial public offering was the largest in the world at that time, giving the company an exceptionally large market capitalization.
The company is majority owned by the Saudi Arabian government and is one of the world’s largest integrated oil and gas businesses. Its operations include exploration, production, refining, chemicals, and distribution.
The listing did not make Saudi Aramco a privately controlled corporation in the usual sense. It remained state-controlled, with a portion of its shares available to public investors. Market capitalization also fluctuates with the share price and is distinct from the value of the oil reserves themselves.