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Out of context: Reply #1254

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  • imbecile3

    1933: The history of Saudi Aramco starts with a concession agreement signed in May 1933 between Saudi Arabia and the Standard Oil Company of California (SoCal), which allowed SoCal to explore the Kingdom for oil.

    1938: After a few years of exploration, oil was discovered in commercial quantities at the Dammam oil well No. 7 in March 1938. This marked the beginning of the oil industry in Saudi Arabia.

    1944: The Arabian American Oil Company (ARAMCO) was established in November 1944 as a result of SoCal inviting three other U.S. companies to share the financial risk of exploring the vast desert. These three other companies were Texas Oil Co. (Texaco), Standard Oil of New Jersey (Exxon), and Standard Oil Co. of New York (Mobil).

    1950: In a landmark agreement, the 50/50 profit-sharing deal was reached between Aramco and Saudi Arabia. It was a significant step, as it implied the recognition of the sovereignty of Saudi Arabia over its natural resources.

    1973: The Saudi Arabian government acquired a 25% stake in Aramco. This was done in response to the oil crisis of the 1970s when the members of the Organization of Arab Petroleum Exporting Countries (OAPEC) proclaimed an oil embargo.

    1974: Saudi Arabia increased its stake to 60%.

    1976: King Abdulaziz University in Jeddah became home to the Center for Petroleum and Minerals, financed and equipped by Aramco.

    1980: Saudi Arabia took full control of Aramco, acquiring a 100% stake in the company.

    1988: The company was renamed the Saudi Arabian Oil Company, or Saudi Aramco.

    1991: During the Gulf War, Saudi Aramco showed its crisis management capabilities when oil production facilities in the country remained operational despite the regional conflict.

    2000 and beyond: The new millennium brought new opportunities and challenges. Saudi Aramco continued to find significant new gas fields, embarked on the expansion of the Shaybah oil field, and completed several other key projects.

    2012: Saudi Aramco became the world's largest company in terms of market value.

    2019: Saudi Aramco made history again by issuing an Initial Public Offering (IPO) on the Saudi Stock Exchange (Tadawul). The company's IPO was the largest to date globally.

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