Oil Exploring, Producing, Manufacturing, Marketing, and Shipping
Slogan
"Energy to the World"
Founded
1933 (in 1988, company took on current name)
Location
HQ in Houston, Texas AND Dhahran, Saudi Arabia; locations in 2 U.S. states and several countries; main offices in 8 cities in Saudi Arabia, New York, and Texas
Key people
Abdullah S. Jum'ah: President and CEO
Employees
60,000+
Products
Hydrocarbons: crude oil, natural gas, and petroleum products
Web site
www.saudiaramco.com
Saudi Aramco (Saudi Arabian Oil Company) is one of the largest oil companies in the world, and the largest in terms of production (bpd). Located in Dhahran, Saudi Arabia, this company controls the world's largest oil reserve.
Saudi Aramco's history dates back to May 29, 1933, when the government of Saudi Arabia signed a concessionary agreement with Standard Oil of California allowing them to explore Saudi Arabia for oil. Standard Oil of California passed this concession to an affiliate called California Arabian Standard Oil Company. In 1936 with the company having no success at locating oil, the Texas Oil Company purchased a fifty percent stake of the concession.
After a long search for oil that lasted around 4 years without success, the first accomplishment they had was in Dhahran in 1938, a well referred to as Dammam number 7. The discovery of this well gave the company the hope to continue and flourish. The company name was changed in 1944 to the Arabian American Oil Company (or Aramco) and in 1948 Standard Oil of California and the Texas Oil Company were joined by Standard Oil of New Jersey who purchased 30% and Socony Vacuum who purchased 10%, leaving Standard Oil of California and the Texas Oil Company with equal 30% shares.
In 1973 the Saudi Arabian government acquired a 25% share of Aramco, increased this to 60% by 1974 and finally acquired full control of Amarco by 1980. However the company name did not change until November1988 when it became the Saudi Arabian Oil Company (or Saudi Aramco).
Aramco Services Company (ASC): Headquarters in Houston, Texas. This company used to be the mother company of Aramco before it was bought by Saudi government. Now it supervises the company operations in the United States and the world (except sales).
Aramco Overseas Company B.V. (AOC B.V.)
Aramco Associated Company (AAC)
Saudi Refining, Inc. (SRI)
Saudi Petroleum International, Inc. (SPI)
Bolanter Corporation N.V.
Pandlewood Corporation N.V.
Saudi Petroleum Overseas Ltd.
Vela International Marine Ltd.: HQ in Dhahran. This company is completely owned by Saudi Aramco. It is responsible for shipping the oil - that is, oil tankers.
ARAMCO is the largest oil group in the world, a state-owned Saudi company in partnership with four major US oil companies.
Another one of Aramcos partners is Chevron-Texaco which gave up one of its board members, Condoleezza Rice, when she became the National Security Advisor to George Bush.
All of ARAMCOs key decisions are made by the Saudi royal family while US oil expertise, personnel and technology keeps the cash coming in and the oil going out.
Saudi Aramco, the national oil company of Saudi Arabia (formerly just "Aramco", standing for the Arabian American Oil Company), is the largest oil corporation in the world and the world's largest in terms of proven crude oil reserves and production.
Saudi Aramco's history dates back to May 29, 1933, when the government of Saudi Arabia signed a concessionary agreement with Standard Oil of California (Socal) allowing them to explore Saudi Arabia for oil.
Saudi Aramco President and CEO Ali I. Al-Naimi is named the Kingdom's Minister of Petroleum and Mineral Resources, and Chairman of Saudi Aramco.
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