-
[39][40] The following day Aramco announced that none of the infected computers were part of the network directly tied to oil production, and that the company would soon resume
full operations. -
[27] A similar process had taken place with American oil companies in Venezuela a few years earlier.
-
[57] 2019 Initial public offering (IPO)[edit] Since around 2018, Saudi Arabia had been considering to put a portion of Saudi Aramco’s ownership, up to 5%, onto public trading
via a staged initial public offering (IPO), as to reduce the cost to the government of running the company. -
[12] On 11 May 2022, Saudi Aramco became the largest (most valuable) company in the world by market cap, surpassing Apple Inc.[13] Saudi Aramco operates the world’s largest
single hydrocarbon network, the Master Gas System. -
In November 1988, a royal decree created a new Saudi Arab company, the Saudi Arabian Oil Company, to take control of the former Aramco assets (or Saudi Aramco)[30] and took
the management and operations control of Saudi Arabia’s oil and gas fields from Aramco and its partners. -
[14] In 1975, the Saudi Arabia second five-year economic plan included a Master Gas Plan.
-
[80] On 21 March 2021, Saudi Aramco signed an agreement to secure China’s energy supplies for the next 50 years, and also to develop new technologies to combat climate change.
-
[94] Refining and chemicals[edit] While the company did not originally plan on refining oil, the Saudi government wished to have only one company dealing with oil production.
-
[113] In a letter sent to nine international banks reportedly hired by Aramco to assist it in arranging its US$2 trillion market debut, ten environmental groups warned about
the listing causing a highly possible hindrance in the effort to reduce greenhouse gas emissions and end human rights abuses committed by the Saudi regime. -
[69][70] 2020s[edit] On 10 March 2020 Saudi Aramco announced a global partnership with Formula One landing a multi year deal.
-
Standard Oil of California (SoCal) was among those US companies seeking new sources of oil from abroad.
-
Therefore, on 1 July 1993, the government issued a royal decree merging Saudi Aramco with Samarec, the country’s oil refining company.
-
[29]: 168, 176, 184–185 2000s[edit] In May 2001, Saudi Arabia announced the Gas Initiative, which proposed forming three joint ventures with eight IOCs for gas exploration
on pure upstream acreage. -
[29]: 241–242 In 2005, Saudi Aramco was the world’s largest company with an estimated market value of US$781 billion.
-
[43][44] A group named “Cutting Sword of Justice” claimed responsibility for an attack on 30,000 Saudi Aramco workstations, causing the company to spend months restoring their
services. -
[114] On 6 November 2019, Saudi Aramco joined the World Bank’s initiative to reduce gas flaring to zero by 2030.
-
[75] On 9 August 2020, Saudi Aramco reported a 50% fall in net income for the first half of its financial year, as demand for oil and prices continued to fall due to the coronavirus
crisis. -
[72][73] In June 2020, Saudi Aramco laid off nearly 500 of its more than 70,000 employees, as global energy firms reduced their workforce due to the COVID-19 pandemic.
-
[14] In order to become a global leader in chemicals, Aramco will acquire 50% of Royal Dutch Shell’s stake in their refiner in Saudi Arabia for US$631 million.
-
[1] In March 2021, Saudi Aramco announced that earnings in 2020 fell by nearly 45% compared with 2019, as lockdowns around the world following the COVID-19 pandemic curbed
demand for oil. -
[88] In February 2022, following crude’s ascent to nearly $95 per barrel, Saudi Arabia’s Aramco boosted oil prices for clients in Asia, the United States, and Europe.
-
[22] This well immediately produced over 1,500 barrels per day (240 m3/d), giving the company confidence to continue.
-
[35] The Wall Street Journal reported in September 2018, Aramco was considering a US$1 billion venture-capital fund to invest in international technology firms.
-
Saudi Aramco’s refining capacity is 5.4 million barrels per day (860,000 m3/d) (International joint and equity ventures: 2,500 Mbbl/d (400,000,000 m3/d), domestic joint ventures:
1,900 mpbd, and wholly owned domestic operations: 1,000 Mbbl/d (160,000,000 m3/d). -
“[120] According to the company, the display was organized without the approval of Aramco officials.
-
Since then, Saudi Aramco has taken on the responsibility of refining oil and distributing it in the country.
-
On 31 January 1944, the company name was changed from California-Arabian Standard Oil Co. to Arabian American Oil Co. (or Aramco).
-
[84] In October 2021, Saudi Aramco announced plans to achieve net-zero carbon emissions from its wholly-owned operations by 2050.
-
[66] The company commenced trading on Tadawul on 11 December 2019, with shares rising 10% to 35.2 riyals, giving the company a market capitalisation of about U$1.88 trillion,
and making Saudi Aramco the world’s largest listed company. -
Aramco continued to operate and manage the former Aramco assets, including its concessionary interest in certain Saudi Arab oil fields, on behalf of the Saudi Arab Government
until 1988. -
[106] Global investment[edit] Saudi Aramco expanded its presence worldwide to include the three major global energy markets of Asia, Europe, and North America.
-
[33] In January 2016, the Deputy Crown Prince of Saudi Arabia, Mohammad bin Salman Al Saud, announced he was considering listing shares of the state-owned company, and selling
around 5% of them in order to build a large sovereign wealth fund. -
[24] The newcomers were also shareholders in the Iraq Petroleum Co. and had to get the restrictions of the Red Line Agreement lifted in order to be free to enter into this
arrangement. -
[74] On 31 July 2020, Saudi Aramco lost its title as the world’s largest listed company by market capitalization to Apple.
-
The firm reported flaring of less than 1% of its total raw gas production in the first half of 2019.
-
[56] There were discussions by Saudi Arabian officials on postponing Aramco’s IPO, because the attacks “sidelined more than half of the kingdom’s output” of oil.
-
The announcement was made by the oil company on the lookout for cash following low oil prices and the impact of the coronavirus crisis.
-
The plan counted on using the associated gas, but by 1985, Aramco was able to include a billion standard cubic foot per day (Bscfd) of non-associated gas.
-
The “pinnacle of Saudization” occurred when the Shaybah oil field came on line in July 1998, after a three-year effort by a team consisting of 90% Saudis.
-
The American government granted US Aramco member companies a tax break known as the golden gimmick equivalent to the profits given to King Abdulaziz.
-
[6][7] As of 2020, it is one of the largest companies in the world by revenue.
-
[31] Gulf War[edit] In Sept. 1990, after the start of the Gulf War, Aramco was expected to replace much of the oil production removed from the global market due to the embargo
of Iraq and occupied Kuwait. -
[17] History Saudi Aramco’s origins trace to the oil shortages of World War I and the exclusion of American companies from Mesopotamia by the United Kingdom and France under
the San Remo Petroleum Agreement of 1920. -
On 29 May 1933, the Saudi Arabian government granted a concession to SoCal in preference to a rival bid from the Iraq Petroleum Co.[20] The concession allowed SoCal to explore
for oil in Saudi Arabia. -
In 2005, Aramco launched a five-year plan to spend US$50 billion to increase their daily capacity to 12.5 mbpd by increasing production and refining capacity and doubling
the number of drilling rigs. -
[103] In 2022 it was revealed that Saudi Aramco was creating a joint venture with North Huajin Chemical Industries group to create a new company called Huajin Aramco Petrochemical
Company which would develop a 300,000 bpd refining facility with ethylene steam cracking capabilities. -
In 2004, Core Venture 1 became three separate joint ventures with Saudi Aramco holding 20%, one with Lukoil, a second with Sinopec, and a third with Repsol.
-
[26] In 1950, King Abdulaziz threatened to nationalize his country’s oil facilities, thus pressuring Aramco to agree to share profits 50/50.
-
[120][121] Strong-arming investors[edit] In 2019, sources told the Financial Times that wealthy families of Saudi Arabia had been coerced into joining the Saudi Aramco IPO.
-
[90] In August 2022, Saudi Aramco announced that it would acquire Valvoline’s petroleum unit for $2.65 billion.
-
-
[86][87] In 2021, The Guardian reported that Aramco was not trying to diversify at the same rate as other oil companies, such as Shell and BP.
-
[8] Saudi Aramco has both the world’s second-largest proven crude oil reserves, at more than 270 billion barrels (43 billion cubic metres),[9] and largest daily oil production
of all oil-producing companies. -
In 2020, the oil company raised the loan to US$10 billion.
-
It used to have its own created subsidiary company, Vela International Marine, which was merged with Bahri company, to handle shipping to North America, Europe, and Asia.
-
Saudi Aramco (Arabic: ʾArāmkū as-Suʿūdiyyah), officially the Saudi Arabian Oil Company (formerly Arabian-American Oil Company), is a Saudi Arabian public petroleum and natural
gas company based in Dhahran. -
[14] In 2008, Saudi Aramco sold its entire stake to the Ashmore Group, a London-listed investment group.
-
[29]: 265–267 In 2011, Saudi Aramco started production from the Karan Gas Field, with an output of more than 400 million scf per day.
-
[88] Rather, Aramco announced in 2021 that the company intended to increase crude capacity from 12m barrels a day to 13m barrels by 2027.
-
[111][112] Saudization The original concession agreement included Article 23; as Ali Al-Naimi pointed out, this was a “key building block in the shaping of Saudi society for
decades to come.” -
[60] Its first international bond issue received more than US$100 billion in orders from foreign investors, which breaks all records for a bond issue by an emerging market
entity. -
[36] In June 2019, a report by Financial Times claimed that Aramco had been bearing the ministry-related expenses; boosting the finance ministry budget allocation.
-
In addition, Aramco was expected to provide all of the coalition aviation and diesel needs.
-
According to four sources, the Saudi government “strong-armed”, “coerced” or “bullied” some of the wealthiest families in the kingdom into becoming cornerstone investors.
-
[115] Controversies 2007 Haradh gas pipeline explosion[edit] Main article: 2007 Haradh, Saudi Arabia gas pipeline explosion On 18 November 2007, reports came out that a natural
gas pipeline explosion had taken the lives of several workers, the death toll was later determined to be 34. -
[42] The virus hit companies within the oil and energy sectors.
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