What Is Saudi Aramco?
Saudi Aramco, also known as the Saudi Arabian Oil Company, is a state-owned oil company based in Dhahran, Saudi Arabia.
It was established in 1933 as a joint venture between the Saudi Arabian government and the American oil company, Standard Oil of California (now Chevron).
In 1980, the Saudi Arabian government took full control of the company and it became a state-owned enterprise. Aramco is the world's largest oil company in terms of production, reserves, and revenue.
Aramco has a diverse portfolio of oil and gas operations including exploration, production, refining, marketing, and petrochemicals.
The company produces approximately 10% of the world's crude oil and holds the world's largest crude oil reserves, estimated at around 260 billion barrels.
Aramco has a vast network of oil and gas fields, pipelines, refineries, and terminals that span across Saudi Arabia, as well as a number of international operations.
In addition to oil and gas, Aramco also produces and exports other petrochemical products such as plastics, fertilizers, and lubricants.