Saudi Aramco, an oil giant: Key facts about world’s most profitable company
The world’s largest oil producer, Saudi Aramco, has announced its intention to float in Riyadh in what could be the biggest stock market listing in history.
Below are key facts about Aramco:
HISTORY
Explorers from the Rockefeller family’s Standard Oil Company struck oil in Saudi Arabia in 1938. The venture became known as the Arabia American Oil Company and crude oil production hit 500,000 barrels per day in 1949.
By 1980, the Saudi government had bought out all the original shareholders and owned 100% of the company. Eight years later, the Saudi Arabian Oil Company (Saudi Aramco) was officially established.
