Saudi Aramco was the world’s largest oil producer by market capitalization after its 2019 public offering.
Saudi Aramco began trading on the Saudi Stock Exchange, Tadawul, in December 2019. Its initial public offering valued the company at about $1.7 trillion, making it the largest initial public offering at that time. The company is formally known as Saudi Arabian Oil Company and is majority-owned by the Saudi government.
Saudi Aramco’s business includes exploration, production, refining, chemicals, and petroleum distribution. It is not the same as a stock exchange: Tadawul is the marketplace where its shares are listed, while Saudi Aramco is the company. Market capitalization can differ from enterprise value, which also accounts for debt and cash, so rankings may vary depending on the measurement used.