Saudi Aramco is the Saudi company founded in 1933 as California-Arabian Standard Oil and now one of the world’s highest-market-cap firms.
The company began after Saudi Arabia granted an oil concession to Standard Oil of California. In 1938, commercial oil was discovered at Dammam Well No. 7, helping transform the kingdom’s economy. The company later became known as Aramco, short for Arabian American Oil Company.
Saudi Arabia gradually acquired ownership, completing nationalization in 1980. The business was formally renamed Saudi Arabian Oil Company, commonly called Saudi Aramco. It remains closely associated with the kingdom’s petroleum industry and produces crude oil, natural gas, and refined products.
Saudi Aramco’s 2019 public offering made it one of the world’s most valuable listed companies. A common mix-up is confusing Aramco with Saudi Basic Industries Corporation, or SABIC, a separate Saudi chemicals company in which Aramco owns a major stake.