Saudi Aramco was created in 1988 from the former Arabian American Oil Company.
The name Aramco originated as an abbreviation of Arabian American Oil Company. The company’s roots date to an oil concession granted by Saudi Arabia in 1933, followed by exploration and the discovery of commercial oil in the 1930s. Saudi Arabia progressively acquired ownership, completing nationalization in 1980.
In 1988, the Saudi Arabian Oil Company was established, commonly known as Saudi Aramco. It became a fully integrated energy company involved in exploration, production, refining, chemicals, and distribution. Its enormous hydrocarbon reserves and production capacity have made it one of the world’s most economically important corporations.
Saudi Aramco is distinct from Petrobras of Brazil, Sinopec of China, and Equinor of Norway. Those companies are also major energy producers but have different national histories and corporate structures.