Saudi Aramco
Saudi Aramco, officially the Saudi Arabian Oil Group or simply Aramco, is a state-owned petroleum and natural gas company that is the national oil company of Saudi Arabia. As of 2022, it is the second-largest company in the world by revenue and is headquartered in Dhahran. Saudi Aramco has both the world's second-largest proven crude oil reserves, at more than 270 billion barrels, and largest daily oil production of all oil-producing companies. It is the single greatest contributor to global carbon emissions of any company in the world since 1965.
Some of the key events about Saudi Aramco
- 1933Signed a concession agreement with the Saudi government, marking the beginning of oil exploration in Saudi Arabia
- 1938Discovered commercial quantities of oil in Dhahran, launching Saudi Arabia's oil industry
- 1938Granted exclusive oil concession rights in Saudi Arabia, leading to concerns about foreign control of national resources
- 1944Changed its name to Arabian American Oil Company (Aramco), reflecting its growing importance
- 1950Completed the Trans-Arabian Pipeline, facilitating oil transport from Saudi Arabia to the Mediterranean
- 1973Saudi government acquired a 25% stake in Aramco, beginning the process of nationalization
- 1973Played a key role in the oil embargo against Western countries, causing global economic disruption
- 1980Achieved full ownership by the Saudi government, becoming a national oil company
- 1980Saudi government acquired 100% control of the company, raising questions about transparency and governance
- 1988Officially changed its name to Saudi Arabian Oil Company (Saudi Aramco)
- 1988Massive oil spill in the Persian Gulf during the Iran-Iraq War, causing severe environmental damage
- 2002Faced criticism for lack of transparency in its operations and financial reporting
- 2006Khurais oil field explosion killed several workers and highlighted safety concerns
- 2009Completed the Khurais project, one of the largest oil increments in the company's history
- 2009Revealed to have significantly overestimated its oil reserves, raising doubts about global oil supply
- 2014Launched the In-Kingdom Total Value Add program to increase local content in its supply chain
- 2015Accused of contributing to climate change through continued fossil fuel production and expansion
- 2019Conducted the world's largest initial public offering (IPO) on the Saudi Stock Exchange (Tadawul)
- 2019Abqaiq–Khurais attack disrupted global oil supply and exposed vulnerabilities in Saudi Arabia's oil infrastructure
- 2020Oil price war with Russia led to a crash in global oil prices, negatively impacting economies worldwide
Disclaimer: This material is written based on information taken from open sources, including Wikipedia, news media, podcasts, and other public sources.
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