Saudi Aramco is the world’s largest oil company and holds the most valuable energy reserves in the world. It is an integrated global petroleum and chemical enterprise that produces, distributes, and markets petroleum and petrochemical products to customers worldwide.
The company was established in 1933 by a royal decree issued by King Abdulaziz Ibn Saud. It was then known as California-Arabian Standard Oil Company (CASOC). The original concession agreement between King Abdulaziz and CASOC gave the latter exclusive rights to explore for oil in a 60,000-square-mile area of the Eastern Province of Saudi Arabia.
By 1948, the company had discovered several large oil fields, including Ghawar – which remains to be the world’s largest oil field today – and Dhahran, which became its headquarters. In 1988, CASOC officially changed its name to Saudi Aramco.
Today, Saudi Aramco is a highly successful business with operations spanning every aspect of hydrocarbon exploration and production, from upstream research to downstream marketing. The company operates over 90 oil and gas fields in Saudi Arabia, accounting for one-fourth of the global output. It also owns international refineries which process crude oil into gasoline, diesel fuel, kerosene, jet fuel and other products for export.
Saudi Aramco has also made significant investments in renewable energy sources, such as solar power and wind power, which are used to reduce emissions from its traditional fossil fuel operations. As part of its long-term sustainability strategy, it works closely with government agencies and industry partners to develop new technologies to reduce emissions while delivering reliable energy supplies at low costs.
The history of Saudi Aramco shows that it has come a long way from its humble beginnings as a small exploration firm to becoming one of the largest and most influential energy companies in the world today. Its success is attributed to its innovative business strategies, commitment to sustainability initiatives, and commitment to providing quality customer service.
