Foundation of Saudi Aramco
Saudi Aramco was established in 1933 through an agreement between the Saudi government and Standard Oil of California (SOCAL), marking the beginning of the company's journey in the oil industry.
1933
1938
Discovery of Oil in Commercial Quantities
In 1938, Saudi Aramco discovered oil in commercial quantities at the Dammam No. 7 well, also known as the "Prosperity Well," which marked the start of large-scale oil production in Saudi Arabia.
1944
Renaming to Arabian American Oil Company
In 1944, the company was renamed the Arabian American Oil Company (Aramco) to reflect its growing operations and partnerships in the region.
1950
Trans-Arabian Pipeline Completion
The Trans-Arabian Pipeline (Tapline) was completed in 1950, allowing Saudi Aramco to transport oil from the Eastern Province of Saudi Arabia to the Mediterranean Sea, enhancing its export capabilities.
1973
Saudi Government Acquires Stake in Aramco
In 1973, the Saudi government acquired a 25% stake in Aramco, marking the beginning of increased national control over the company.
1980
Full Ownership by Saudi Government
By 1980, the Saudi government had acquired full ownership of Aramco, transforming it into a state-owned enterprise and renaming it Saudi Aramco.
1988
Saudi Aramco Established as a Corporate Entity
Saudi Aramco was officially established as a corporate entity in 1988, further solidifying its role as a leading global oil company.
1993
Incorporation of SAMREF and SASREF
In 1993, Saudi Aramco incorporated the Saudi Aramco Mobil Refinery Company (SAMREF) and the Saudi Aramco Shell Refinery Company (SASREF), expanding its refining operations.
2000
Launch of PetroRabigh
Saudi Aramco launched the PetroRabigh joint venture with Sumitomo Chemical in 2000, focusing on refining and petrochemicals production.
2012
Discovery of Shale Gas Reserves
In 2012, Saudi Aramco announced the discovery of significant shale gas reserves in the Kingdom, highlighting its potential in unconventional resources.
2016
Saudi Vision 2030 Announcement
In 2016, Saudi Aramco played a key role in the Saudi Vision 2030 announcement, aimed at diversifying the Kingdom's economy and reducing its dependence on oil.
2017
Acquisition of SABIC
Saudi Aramco announced its intention to acquire a majority stake in Saudi Basic Industries Corporation (SABIC) in 2017, enhancing its petrochemical capabilities.
2019
Initial Public Offering (IPO)
In 2019, Saudi Aramco conducted its historic Initial Public Offering (IPO), listing on the Saudi Stock Exchange (Tadawul) and becoming the world's most valuable publicly traded company.
2020
Acquisition of 70% Stake in SABIC
Saudi Aramco completed the acquisition of a 70% stake in SABIC in 2020, further expanding its presence in the global petrochemical industry.
2021
Net-Zero Emissions by 2050 Commitment
In 2021, Saudi Aramco announced its commitment to achieving net-zero greenhouse gas emissions by 2050, aligning with global sustainability goals.
2022
Launch of Jafurah Gas Plant
Saudi Aramco launched the Jafurah gas plant project in 2022, aiming to develop one of the largest unconventional gas fields in the world.
2023
Expansion of Hydrogen Production
In 2023, Saudi Aramco announced significant investments in hydrogen production, positioning itself as a leader in the transition to cleaner energy sources.
