{{Short description|Saudi Arabian state-owned petroleum company}} {{Distinguish|AAMCO|Amoco}} {{Use dmy dates|date=November 2020}} {{Infobox company | name = Saudi Arabian Oil Company<br/>{{lang|ar|أرامكو السعودية}} | logo = Saudi_Aramco_logo.svg | logo_upright = 1.1 | image = Aramco Tower.jpg | image_upright = 1.1 | image_caption = Aramco Tower in the King Abdullah Financial District of Riyadh, Saudi Arabia | trade_name = Saudi Aramco | native_name = Saudi Arabian Oil Company | type = Public (mostly state-owned) | traded_as = {{Saudi Stock Exchange|2222}} | area_served = Worldwide | key_people = {{ubl|Amin H. Nasser {{small|(President & CEO)}}|Yasir Al-Rumayyan {{small|(Chairman)}}}} | industry = Oil and gas | products = {{ubl|Petroleum|Natural gas|Petrochemical derivatives}} | revenue = {{decrease}} US$480.446 billion (2024)<ref name="auto">{{cite web|url=https://www.aramco.com/-/media/publications/corporate-reports/reports-and-presentations/2024/fy/sections/ara-2024-results-english.pdf|title=Saudi Aramco Annual Report 2024|access-date=29 March 2025}}</ref> | operating_income = {{decrease}} US$206.567 billion (2024)<ref name="auto"/> | net_income = {{decrease}} US$106.246 billion (2024)<ref name="auto"/> | assets = {{decrease}} US$646.301 billion (2024)<ref name="auto"/> | equity = {{decrease}} US$440.361 billion (2024)<ref name="auto"/> | owner = Government of Saudi Arabia (82.19%)<ref>{{cite news|title=Saudi Aramco raises $348 billion in the world's biggest IPO|url=https://edition.cnn.com/2019/12/05/investing/saudi-aramco-ipo-price/index.html|publisher=CNN Business|date=25 September 2019|access-date=6 December 2019|archive-date=9 December 2019|archive-url=https://web.archive.org/web/20191209082919/https://edition.cnn.com/2019/12/05/investing/saudi-aramco-ipo-price/index.html|url-status=live}}</ref><ref>{{Cite web|url=https://fintel.io/so/sa/aramco|title=ARAMCO Institutional Ownership - Saudi Arabian Oil Co|website=fintel.io|access-date=12 April 2021|archive-date=8 April 2023|archive-url=https://web.archive.org/web/20230408174837/https://fintel.io/so/sa/aramco|url-status=live}}</ref><br>Public Investment Fund (12%)<ref>{{cite web | title=HRH Crown Prince Announces Completion of the Transfer of 8% of Saudi Aramco's shares to PIF's Fully Owned Companies | url=https://www.pif.gov.sa/en/news-and-insights/newswire/2024/hrh-crown-prince-announces-completion-of-the-transfer-of/ }}</ref> <br>Sanabil (4%)<ref>{{Cite web|url=https://www.reuters.com/markets/commodities/aramco-q2-profit-down-38-30-bln-2023-08-07|title=Aramco boosts dividend as Q2 profit drops 38% to $30.1 bln|first1=Yousef|last1=Saba|first2=Maha|last2=El Dahan|date=August 7, 2023|work=Reuters|access-date=16 January 2024|archive-date=2 October 2023|archive-url=https://web.archive.org/web/20231002061311/https://www.reuters.com/markets/commodities/aramco-q2-profit-down-38-30-bln-2023-08-07/|url-status=live}}</ref> | num_employees = 75,000+<ref name="auto"/> | num_employees_year = 2024 | subsid = SABIC (70%), Petro Rabigh, SATORP, Aramco Trading, Yanbu, Yasref, SASREF, S-Oil, Luberef, Aro Drilling, South Rub al-Khali, Pengerang Refining Company, The International Maritime Industries | homepage = {{URL|https://www.aramco.com//|aramco.com}} | foundation = {{start date and age|29 May 1933}} (as ''California-Arabian Standard Oil'') | location = Dhahran, Saudi Arabia<ref name="fcom">{{cite web |title=Saudi Arabian Oil Company (Saudi Aramco) |url=https://www.forbes.com/companies/saudi-arabian-oil-company-saudi-aramco/#1da846621aca |access-date=12 June 2023 |work=Forbes |archive-date=6 August 2020 |archive-url=https://web.archive.org/web/20200806221754/https://www.forbes.com/companies/saudi-arabian-oil-company-saudi-aramco/#1da846621aca |url-status=live }}</ref> }}

'''Saudi Aramco''' ({{langx|ar|أرامكو السعودية}} ''{{transliteration|engvar=gb|ar|DIN|ʾArāmkū as-Suʿūdiyyah}}''), officially the '''Saudi Arabian Oil Company''', is a majority state-owned petroleum and natural gas company, it is the national oil company of Saudi Arabia.<ref name=sa-aag>{{cite web|title=Our company. At a glance|url=http://www.saudiaramco.com/en/home.html#our-company%257C%252Fen%252Fhome%252Four-company%252Fat-a-glance.baseajax.html|publisher=Saudi Aramco|quote=The Saudi Arabian Oil Co. (Saudi Aramco) is the state-owned oil company of the Kingdom of Saudi Arabia.|access-date=3 August 2011|archive-url=https://web.archive.org/web/20181017131549/http://www.saudiaramco.com/en/home.html#our-company%257C%252Fen%252Fhome%252Four-company%252Fat-a-glance.baseajax.html|archive-date=17 October 2018|url-status=live}}</ref> {{As of|2024}}, it is the fourth-largest company in the world by revenue<ref>{{cite web|title=Global 500 2020|url=http://fortune.com/global500/|website=Fortune|access-date=16 December 2020|archive-date=10 July 2016|archive-url=https://web.archive.org/web/20160710084149/http://fortune.com/global500/|url-status=live}}</ref> and is headquartered in Dhahran. Saudi Aramco has both the world's largest proven crude oil reserves, at more than {{convert|270|Goilbbl|e9m3|abbr=off|lk=in}},<ref name=":9">OPEC, [http://www.opec.org/opec_web/en/publications/202.htm Annual Statistical Bulletin 2016] {{Webarchive|url=https://web.archive.org/web/20180821113032/https://www.opec.org/opec_web/en/publications/202.htm |date=21 August 2018}}</ref> and largest daily oil production of all oil-producing companies.

Saudi Aramco operates the world's largest single hydrocarbon network, the Master Gas System. In 2024, its oil production total was 12.7 million barrels of oil equivalent per day, and it manages over one hundred oil and gas fields in Saudi Arabia, including 288.4 trillion standard cubic feet (scf) of natural gas reserves. Along the Eastern Province, Saudi Aramco most notably operates the Ghawar Field (the world's largest onshore oil field) and the Safaniya Field (the world's largest offshore oil field).<ref name="aramcoaboutus">[http://aramcooverseas.com/en/about-us/about-saudi-aramco Aramco Overseas Company - About Saudi Aramco] {{Webarchive|url=https://web.archive.org/web/20141018044418/http://aramcooverseas.com/en/about-us/about-saudi-aramco |date=18 October 2014}}, aramcooverseas.com. Retrieved 11 November 2014.</ref>

On 11 December 2019, the company's shares commenced trading on the Saudi Exchange. The shares rose to 35.2 Saudi riyals, giving it a market capitalisation of about US$1.88 trillion,<ref name=":7">{{Cite news |last1=Jolly |first1=Jasper |last2=Ambrose |first2=Jillian |date=2019-12-11 |title=Saudi Aramco becomes most valuable listed company in history |url=https://www.theguardian.com/business/2019/dec/11/saudi-aramco-shares-soar-as-it-becomes-world-largest-listed-company |archive-url=https://web.archive.org/web/20231013153342/https://www.theguardian.com/business/2019/dec/11/saudi-aramco-shares-soar-as-it-becomes-world-largest-listed-company |archive-date=13 October 2023 |access-date=2025-04-27 |work=The Guardian |language=en-GB |issn=0261-3077}}</ref> and surpassed the US$2 trillion mark on the second day of trading.<ref>{{Cite web|last=Riley|first=Charles|title=The world has its first $2 trillion company. But for how long?|url=https://www.cnn.com/2019/12/12/investing/saudi-aramco-2-trillion/index.html|access-date=20 January 2020|website=CNN|date=12 December 2019|archive-date=13 December 2019|archive-url=https://web.archive.org/web/20191213223052/https://www.cnn.com/2019/12/12/investing/saudi-aramco-2-trillion/index.html|url-status=live}}</ref> As of November 2025 the stock trades at 25.8, giving it a market capitalisation of US$1.68 trillion.<ref>[https://www.bloomberg.com/quote/ARAMCO:AB?embedded-checkout=true]</ref> This represents an US$800bn fall in value since 2022, one of the largest decreases in corporate history.<ref>{{cite web | title=Aramco Sheds over $800 Billion in Market Value from 2022 Peak | work=Bloomberg | url=https://www.bloomberg.com/news/newsletters/2025-08-04/saudi-arabia-aramco-sheds-over-800-billion-in-market-value-from-2022-peak }}</ref>

In 2024, Saudi Aramco was responsible for more CO<sub>2</sub> emissions than any other entity, being responsible for 1,653 Mt CO2 emissions, or 4.28% of global CO2 emissions.<ref>{{Cite web |last=InfluenceMap |title=Carbon Majors: 2024 Data Update |url=https://carbonmajors.org/briefing/Carbon-Majors-2024-Data-Update-35466 |access-date=2026-05-19 |website=carbonmajors.org |language=en}}</ref>

Saudi Aramco has offices in the following countries: Gulf Cooperation Coucil, as well as Azerbaijan; Bangladesh; Canada; France; Japan; Malaysia; Netherlands; Singapore; South Korea; Pakistan; Russia; United Kingdom; and United States and the Uzbekistan.<ref>{{Cite web |title=Global presence |url=https://www.aramco.com/en/about-us/our-offices-and-facilities |access-date=2026-05-22 |website=www.aramco.com |language=en}}</ref>

==History== [[File:Dammam No. 7 on March 4, 1938.jpg|thumb|''Dammam No. 7'' struck oil in 1938, becoming the first commercial oil well in Saudi Arabia]] 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.<ref>{{cite encyclopedia|title=Conference of San Remo|encyclopedia=Encyclopædia Britannica|url=http://www.britannica.com/EBchecked/topic/521598/Conference-of-San-Remo|access-date=15 February 2015|archive-url=https://web.archive.org/web/20150227212355/http://www.britannica.com/EBchecked/topic/521598/Conference-of-San-Remo|archive-date=27 February 2015|url-status=live}}</ref> The US administration had popular support for an "Open Door policy", which Herbert Hoover, secretary of commerce, initiated in 1921. Standard Oil of California (SoCal) was among those US companies seeking new sources of oil from abroad.<ref>{{cite book|last=Owen|first=E.W.|title=Trek of the Oil Finders: A History of Exploration for Petroleum|year=1975|publisher=AAPG|location=Tulsa|pages=1290–93}}</ref>

In 1932 the Bahrain Petroleum Company, a wholly owned SoCal subsidiary, discovered the first oil field in the Persian Gulf outside of Iran.

The Saudi Arabian government granted a concession to SoCal in preference to a rival bid from the Iraq Petroleum Company.<ref>{{Cite book | last=Yergin|first=Daniel|title=The Prize: The Epic Quest for Oil, Money and Power|year=2008|publisher=Simon and Schuster|location=New York|isbn=978-1439110126|pages=265–74}}</ref> The concession allowed SoCal to explore for oil in Saudi Arabia. SoCal assigned this concession to a wholly owned subsidiary, California-Arabian Standard Oil Company (CASOC). In 1936, with the company having had no success at locating oil, the Texas Company (Texaco) purchased a 50% stake of the concession.<ref>{{cite web|url=http://www.virginia.edu/igpr/APAG/apagoilhistory.html|title=Oil Company Histories|publisher=Virginia University|access-date=9 August 2012|archive-url=https://web.archive.org/web/20110806170827/http://www.virginia.edu/igpr/APAG/apagoilhistory.html|archive-date=6 August 2011|url-status=live}}</ref> After four years of fruitless exploration, the first success came with the seventh drill site in Dhahran in 1938, a well referred to as ''Dammam No. 7''.<ref>{{cite web|url=http://archive.aramcoworld.com/issue/196301/seven.wells.of.dammam.htm|title=Seven Wells Of Dammam|website=Saudi Aramco World|date=16 January 1963 |access-date=23 December 2017|archive-url=https://web.archive.org/web/20171224160902/http://archive.aramcoworld.com/issue/196301/seven.wells.of.dammam.htm|archive-date=24 December 2017|url-status=live}}</ref> This well immediately produced over {{convert|1500|oilbbl/d|m3/d}}, giving the company confidence to continue. On 31 January 1944, the company name was changed from California-Arabian Standard Oil Co. to Arabian American Oil Co. (or Aramco).<ref name="GT-DEX-1944-01">{{cite web|title=Saudi Arabian Oil Company History from Fundinguniverse.com|url=http://www.fundinguniverse.com/company-histories/saudi-arabian-oil-company-history|work=Funding Universe|access-date=18 August 2012|archive-url=https://web.archive.org/web/20120828053558/http://www.fundinguniverse.com/company-histories/saudi-arabian-oil-company-history/|archive-date=28 August 2012|url-status=live}}</ref> On 17 March 1947, Standard Oil of New Jersey (later known as Exxon) purchased 30% and Socony Vacuum (later Mobil) purchased 10% of the company, with SoCal and Texaco retaining 30% each.<ref>{{Cite book |last=Yergin |first=Daniel |title=The Prize: The Epic Quest for Oil, Money, and Power |publisher=Simon & Schuster |date=1990 |isbn=0-671-50248-4 |location=United States |page=416 |language=en}}</ref> 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.<ref>{{cite journal|last1=Morton|first1=Michael Q.|title=Once Upon a Red Line: The Iraq Petroleum Company Story|journal=GeoExpro|year=2013|issue=Ipad App 6|url=http://www.geoexpro.com/articles/2013/06/once-upon-a-red-line-the-iraq-petroleum-company-story|access-date=2 October 2014|archive-url=https://web.archive.org/web/20141006101626/http://www.geoexpro.com/articles/2013/06/once-upon-a-red-line-the-iraq-petroleum-company-story|archive-date=6 October 2014|url-status=live}}</ref>

thumb|left|Aramco compound in Saudi Arabia, 1954 In 1949, Aramco had made incursions into the Emirate of Abu Dhabi, leading to a border dispute between Abu Dhabi and Saudi Arabia.<ref name="Buraimidispute">{{Cite book|title=Britain and Saudi Arabia, 1925-1939 : the Imperial Oasis|last=Clive|first=Leatherdale|date=1983|publisher=F. Cass|isbn=9780714632209|location=London, England|oclc=10877465}}</ref> In 1950, King Abdulaziz threatened to nationalise his country's oil facilities, thus pressuring Aramco to agree to share profits 50/50.<ref>{{Citation|url=https://books.google.com/books?id=iHfVWjHAjCoC&pg=PA108|title=From Arab Nationalism to OPEC: Eisenhower, King Saʻūd, and the making of U.S-Saudi relations|work=Nathan J. Citino|publisher=Indian University Press, 2002|access-date=28 February 2012|isbn=9780253340955|year=2002|archive-url=https://web.archive.org/web/20151025050417/https://books.google.com/books?id=iHfVWjHAjCoC&pg=PA108|archive-date=25 October 2015|url-status=live}}</ref>

A similar process had taken place with American oil companies in Venezuela a few years earlier. The American government granted US Aramco member companies a tax break known as the golden gimmick equivalent to the profits given to King Abdulaziz. In the wake of the new arrangement, the company's headquarters were moved from New York to Dhahran.<ref name=san>{{cite journal|title=Saudi Aramco by the Numbers|journal=Saudi Aramco World|date=May–June 2008|volume=9|issue=3|url=https://www.saudiaramcoworld.com/issue/200803/75.years.saudi.aramco.by.the.numbers.htm|access-date=2 October 2014|archive-url=https://web.archive.org/web/20141006082605/https://www.saudiaramcoworld.com/issue/200803/75.years.saudi.aramco.by.the.numbers.htm|archive-date=6 October 2014|url-status=live}}</ref> In 1951, the company discovered the Safaniya Oil Field, the world's largest offshore field. In 1957, the discovery of smaller connected oil fields confirmed the Ghawar Field as the world's largest onshore field.<ref name="aramcoaboutus"/>

In 1975, the Saudi Arabia second five-year economic plan included a Master Gas Plan. Natural gas would be used to generate power, rather than flaring the gas. 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. This non-associated gas was produced from the Khuff Formation, which is a limestone layer {{convert|650|m}} below the oil-producing Arab Zone. In 1994, Aramco discovered more non-associated gas in the deeper Jawf sandstone formation and built plants in Hawiyah and Haradh to process it. This increased the capacity of the Master Gas System to 9.4 billion scfd.<ref name=Ali/>{{rp|98–100,104,129–130,229}}

===Yom Kippur War=== In 1973, following US support for Israel during the Yom Kippur War, the Saudi Arabian government acquired a one-quarter "participation interest" in Aramco's assets, then increased it to sixty percent in 1974.<ref name=nffsti>{{cite news |url=https://news.google.com/newspapers?id=2ZsyAAAAIBAJ&sjid=8egFAAAAIBAJ&pg=7269%2C785257 |work=Lawrence Daily Journal-World |location=Kansas |agency=Associated Press |title=Aramco chief not fearful of Saudi ties |date=December 4, 1974 |page=19}}</ref> 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. 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)<ref name=se25>{{cite web|title=Timeline|url=http://www.saudiembassy.net/timelineInfo.xml|publisher=Saudi Embassy|access-date=25 June 2012|archive-url=https://web.archive.org/web/20131226175236/http://www.saudiembassy.net/timelineInfo.xml|archive-date=26 December 2013|url-status=live}}</ref> and took the management and operations control of Saudi Arabia's oil and gas fields from Aramco and its partners. In 1989–90, high-quality oil and gas were discovered in three areas south of Riyadh.<ref>{{cite news|title=Saudi Aramco Announces Oil and Gas Find, Third Since July|url=https://apnews.com/cfacdbdb019369b2d7aad5442536540a|access-date=31 December 2012|work=Associated Press News|date=7 January 1990|archive-url=https://web.archive.org/web/20140304020235/http://www.apnewsarchive.com/1990/Saudi-Aramco-Announces-Oil-and-Gas-Find-Third-Since-July/id-cfacdbdb019369b2d7aad5442536540a|archive-date=4 March 2014|url-status=live}}</ref>

=== Persian Gulf War=== In September 1990, after the start of the Persian 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. This amounted to producing an extra 4.8 million barrels per day (Mbpd) to keep the global oil market stable. In addition, Aramco was expected to provide all of the coalition aviation and diesel needs. Aramco recommissioned 146 Harmaliyah, Khurais, and Ghawar oil wells with associated gas oil separation plants, and saltwater treatment pipeline, that had been mothballed during the 1980s oil price collapse. Daily production increased from 5.4 Mbpd in July to 8.5 Mbpd in December 1990 after a three-month de-mothball effort.<ref name=Ali/>{{rp|125,135,148–149,155–156}}

Starting in 1990, Aramco embarked on an expansion of crude oil sales in the Asian market. Agreements with South Korea, the Philippines, and China resulted. By 2016, about 70% of Aramco's crude oil sales were to Asia.<ref name=Ali/>{{rp|168,176,184–185}}

===2000s=== 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. Core Venture 1 included south Ghawar and north Rub' Al-Khali, Core Venture 2 included the Red Sea, while Core Venture 3 involved Shaybah and Kidan. In 2003, Royal Dutch Shell and TotalEnergies formed a partnership with Saudi Aramco in Core Venture 3. 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.<ref name=Ali/>{{rp|228–232}}

By 2004, Aramco was producing 8.6 million barrels per day (mbpd) out of a potential 10 mbpd. 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.<ref name=Ali/>{{rp|241–242}} In 2005, Saudi Aramco was the world's largest company with an estimated market value of US$781 billion.<ref>{{cite web|url=http://www.ft.com/intl/cms/s/2/5de6ef96-8b95-11db-a61f-0000779e2340.html|title=Financial Times Non-public Top 150|work=Financial Times|access-date=23 September 2012|date=14 December 2006|archive-url=https://web.archive.org/web/20141006152315/http://www.ft.com/intl/cms/s/2/5de6ef96-8b95-11db-a61f-0000779e2340.html|archive-date=6 October 2014|url-status=live}}</ref>

In June 2008, in response to crude oil prices exceeding US$130 a barrel, Aramco announced it would increase production to 9.7 million barrels per day (mbpd). Then as prices plummeted, Aramco stated in January 2009, that it would reduce production to 7.7 mbpd.<ref name="Ali" />{{rp|265–267}} In 2011, Saudi Aramco started production from the Karan Gas Field, with an output of more than 400 million scf per day.<ref>{{cite news|url=https://www.bloomberg.com/news/2011-07-26/saudi-aramco-starts-production-from-karan-gas-field-in-july-1-.html|newspaper=Bloomberg|first=Anthony|last=DiPaola|title=Saudi Aramco Starts Production From Karan Gas Field in July|date=26 July 2011|access-date=11 March 2017|archive-url=https://web.archive.org/web/20141006211458/http://www.bloomberg.com/news/2011-07-26/saudi-aramco-starts-production-from-karan-gas-field-in-july-1-.html|archive-date=6 October 2014|url-status=live}}</ref> 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.<ref>{{cite news|title=Saudi Arabia is considering an IPO of Aramco, probably the world's most valuable company|url=https://www.economist.com/news/middle-east-and-africa/21685529-biggest-oil-all-saudi-arabia-considering-ipo-aramco-probably|access-date=23 May 2016|newspaper=The Economist|date=7 January 2016|archive-url=https://web.archive.org/web/20160507235035/http://www.economist.com/news/middle-east-and-africa/21685529-biggest-oil-all-saudi-arabia-considering-ipo-aramco-probably|archive-date=7 May 2016|url-status=live}}</ref>

On 26 April 2017, Saudi security forces thwarted an attempted attack on an Aramco oil distribution centre involving an unmanned boat from Yemen.<ref>{{Cite web |date=2017-04-26 |title=Saudis thwart attempted attack on oil facility near Yemen |url=https://apnews.com/article/78ac6a1525e74fdcb875575120bfe2ae |access-date=2022-03-09 |website=AP NEWS |language=en |archive-date=9 March 2022 |archive-url=https://web.archive.org/web/20220309213314/https://apnews.com/article/78ac6a1525e74fdcb875575120bfe2ae |url-status=live }}</ref> The Wall Street Journal reported in September 2018, Aramco was considering a US$1 billion venture-capital fund to invest in international technology firms.<ref>{{Cite news|url=https://www.wsj.com/articles/aramco-weighs-1-billion-venture-capital-fund-for-tech-1536247788|title=Aramco Weighs $1 Billion Venture Capital Fund For Tech|last1=Jones|first1=Rory|date=6 September 2018|work=The Wall Street Journal|access-date=7 September 2018|last2=Said|first2=Summer|language=en-US|issn=0099-9660|archive-url=https://web.archive.org/web/20180907103354/https://www.wsj.com/articles/aramco-weighs-1-billion-venture-capital-fund-for-tech-1536247788|archive-date=7 September 2018|url-status=live}}</ref>

In June 2019, a report by Financial Times claimed that Aramco had been bearing the ministry-related expenses; boosting the finance ministry budget allocation. It also included Energy Minister Khalid Al Falih’s company-related and diplomatic trips, as well as his stays in luxurious hotels. However, an ally mentioned that Falih’s policies have delivered additional oil revenues that far exceeded his expenses.<ref>{{cite news|url=https://www.ft.com/content/96a6fc26-8b92-11e9-a24d-b42f641eca37|title=Saudi Aramco battles oil ministry over use of company funds|newspaper=Financial Times|date=20 June 2019|access-date=20 June 2019|archive-url=https://web.archive.org/web/20190620131221/https://www.ft.com/content/96a6fc26-8b92-11e9-a24d-b42f641eca37|archive-date=20 June 2019|url-status=live|last1=Raval|first1=Anjli|last2=Kerr|first2=Simeon}}</ref> In September 2019, Saudi Arabia appointed Yasir Al-Rumayyan as the Chairman of Aramco. Al-Rumayyan became head of the country’s sovereign wealth fund by replacing Khalid Al-Falih, who was holding the position since 2015.<ref>{{cite web|url=https://www.compuserve.com/news/world/story/0002/20190902/KCN1VN1HM_3?guccounter=1&guce_referrer_us=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_cs=ZRXa2ThF809cLNhIQCK0ow|title=Saudi Arabia names head of PIF as Aramco chairman|access-date=2 September 2019|website=CompuServe}}{{Dead link|date=October 2022 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>

===2012 cyber attack=== Aramco computers were attacked by a virus on 15 August 2012.<ref name="Iran Malware">{{cite news|title=Cyberattack On Saudi Firm Disquiets U.S.| date=24 October 2012|newspaper=The New York Times|author=Perlroth, Nicole|page=A1}}</ref><ref>{{cite news|date=15 August 2012|title=Saudi Aramco says virus shuts down its computer network|url=http://www.msnbc.msn.com/id/48681786/ns/technology_and_science-security/t/saudi-aramco-says-virus-shuts-down-its-computer-network/|archive-url=https://archive.today/20130104193750/http://www.msnbc.msn.com/id/48681786/ns/technology_and_science-security/t/saudi-aramco-says-virus-shuts-down-its-computer-network/|url-status=dead|archive-date=4 January 2013|access-date=23 August 2012}}</ref> 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.<ref>{{cite web|date=16 August 2012|title=Aramco Says Virus Attacks Network, Oil Output Unaffected|url=http://www.businessweek.com/news/2012-08-15/aramco-says-virus-attacks-network-oil-output-unaffected|access-date=23 August 2012|archive-url=https://web.archive.org/web/20120819115200/http://www.businessweek.com/news/2012-08-15/aramco-says-virus-attacks-network-oil-output-unaffected|archive-date=19 August 2012|url-status=dead}}</ref> Hackers claimed responsibility for the spread of the computer virus.<ref>{{cite news|newspaper=The Guardian|date=16 August 2012|title=Saudi Aramco hit by computer virus|url=https://www.theguardian.com/technology/2012/aug/16/saudi-aramco-computer-virus-hacking-claims|first=Charles|last=Arthur|access-date=17 December 2016|archive-url=https://web.archive.org/web/20160327034327/http://www.theguardian.com/technology/2012/aug/16/saudi-aramco-computer-virus-hacking-claims|archive-date=27 March 2016|url-status=live}}</ref> The virus hit companies within the oil and energy sectors.<ref name="dj">{{cite news|url=http://www.digitaljournal.com/article/331033|title=Shamoon virus attacks Saudi oil company|work=Digital Journal|date=18 August 2012|access-date=19 August 2012|archive-url=https://web.archive.org/web/20120821002549/http://digitaljournal.com/article/331033|archive-date=21 August 2012|url-status=live}}</ref><ref name="bbc"/> 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.<ref name="Iran Malware"/> The group later indicated that the Shamoon virus had been used in the attack.<ref name=cnet>{{cite news|url=http://news.cnet.com/8301-1009_3-57503641-83/virus-knocks-out-computers-at-qatari-gas-firm-rasgas/|title=Virus knocks out computers at Qatari gas firm RasGas|publisher=CNET|date=30 August 2012|access-date=1 September 2012|archive-url=https://web.archive.org/web/20121104020942/http://news.cnet.com/8301-1009_3-57503641-83/virus-knocks-out-computers-at-qatari-gas-firm-rasgas/|archive-date=4 November 2012|url-status=live}}</ref> Due to this attack, the main site of Aramco went down and a message came to the home page apologising to customers.<ref>{{cite web|work=Threat Post|date=16 August 2012|title=Some Signs Point to Shamoon as Malware in Aramco Attack|url=http://threatpost.com/en_us/blogs/some-signs-point-shamoon-malware-aramco-attack-082212|access-date=23 August 2012|archive-url=https://web.archive.org/web/20120824203446/http://threatpost.com/en_us/blogs/some-signs-point-shamoon-malware-aramco-attack-082212|archive-date=24 August 2012|url-status=live}}</ref> Computer security specialists said that "The attack, known as Shamoon, is said to have hit at least one organisation in the sector. Shamoon is capable of wiping files and rendering several computers on a network unusable."<ref name="bbc">{{cite news|work=BBC News|date=16 August 2012|title=Shamoon virus targets energy sector infrastructure|url=https://www.bbc.co.uk/news/technology-19293797|access-date=20 June 2018|archive-url=https://web.archive.org/web/20181017110356/https://www.bbc.co.uk/news/technology-19293797|archive-date=17 October 2018|url-status=live}}</ref> Richard Clarke suggests the attack was part of Iran's retaliation for the US involvement in Stuxnet.<ref>in ''Zero Days'', 1:43</ref> Security researcher Chris Kubecka, who helped the company establish security after the attack, detailed the level of sophistication in her Black Hat USA 2015 presentation<ref>{{Cite web|url=https://searchsecurity.techtarget.com/news/4500251309/Black-Hat-2015-Rebuilding-IT-security-after-a-cyber-disaster|title=Black Hat 2015: Rebuilding IT security after a cyber disaster|website=SearchSecurity|date=10 February 2016|language=en|access-date=25 September 2019|archive-url=https://web.archive.org/web/20190722111948/https://searchsecurity.techtarget.com/news/4500251309/Black-Hat-2015-Rebuilding-IT-security-after-a-cyber-disaster|archive-date=22 July 2019|url-status=live}}</ref><ref>{{Cite web|url=https://www.technologyreview.com/s/545756/a-closer-look-at-cyber-survival/|title=Diving Deeper into Cyber Survival|last=Mahoney|first=Matt|website=MIT Technology Review|language=en-US|access-date=25 September 2019|archive-date=9 November 2018|archive-url=https://web.archive.org/web/20181109062809/https://www.technologyreview.com/s/545756/a-closer-look-at-cyber-survival/|url-status=live}}</ref> and episode 30 of Darknet Diaries.<ref>{{Cite web|url=https://darknetdiaries.com/|title=Shamoon – Darknet Diaries|website=darknetdiaries.com|language=en|access-date=25 September 2019|archive-url=https://web.archive.org/web/20190918075400/https://darknetdiaries.com/|archive-date=18 September 2019|url-status=live}}</ref>

===2019 drone attack=== {{See also|Abqaiq–Khurais attack}} On 14 September 2019, there was a drone attack on two Saudi Aramco plants:<ref>{{Cite news|url=https://www.theguardian.com/world/2019/sep/14/major-saudi-arabia-oil-facilities-hit-by-drone-strikes|title=Major Saudi Arabia oil facilities hit by Houthi drone strikes|agency=Associated Press|date=14 September 2019|work=The Guardian|access-date=16 September 2019|language=en-GB|issn=0261-3077|archive-url=https://web.archive.org/web/20190914103619/https://www.theguardian.com/world/2019/sep/14/major-saudi-arabia-oil-facilities-hit-by-drone-strikes|archive-date=14 September 2019|url-status=live}}</ref> the Abqaiq oil processing facility and Khurais oil field.<ref>{{Cite web|url=https://www.moneycontrol.com/news/world/saudi-aramco-drone-attack-see-damage-caused-to-oil-field-what-are-the-implications-4441191-5.html|title=Saudi Aramco drone attack: See damage caused to oil field; what are the implications|website=Moneycontrol|date=16 September 2019 |access-date=16 September 2019|archive-url=https://web.archive.org/web/20190921181343/https://www.moneycontrol.com/news/world/saudi-aramco-drone-attack-see-damage-caused-to-oil-field-what-are-the-implications-4441191-5.html|archive-date=21 September 2019|url-status=live}}</ref> Houthi rebels<ref>{{Cite web|url=https://www.news18.com/news/world/yemens-houthi-drones-hit-two-aramco-plants-saudis-say-fires-contained-2308519.html|title=Yemeni Rebels Claim Drone Strikes on Saudi Arabia's Aramco, World's Biggest Oil Processing Facility|website=News18|date=14 September 2019|access-date=16 September 2019|archive-url=https://web.archive.org/web/20190921075637/https://www.news18.com/news/world/yemens-houthi-drones-hit-two-aramco-plants-saudis-say-fires-contained-2308519.html|archive-date=21 September 2019|url-status=live}}</ref> claimed responsibility for the attack.<ref>{{Cite web|url=https://www.forbes.com/sites/daneberhart/2019/09/16/drone-attacks-test-saudi-aramco-deliver-wake-up-call-to-global-markets/|title=Drone Attacks Test Saudi Aramco, Deliver Wake Up Call To Global Markets|last=Eberhart|first=Dan|website=Forbes|language=en|access-date=16 September 2019|archive-url=https://web.archive.org/web/20190917024613/https://www.forbes.com/sites/daneberhart/2019/09/16/drone-attacks-test-saudi-aramco-deliver-wake-up-call-to-global-markets/|archive-date=17 September 2019|url-status=live}}</ref><ref>{{Cite web|url=https://foreignpolicy.com/2019/09/15/how-an-aerial-barrage-cut-saudi-oil-production-in-half-aramco-abqaiq-houthis-yemen/|title=How an Aerial Barrage Cut Saudi Oil Production in Half|last=Johnson|first=Keith|website=Foreign Policy|language=en-US|access-date=16 September 2019|archive-url=https://web.archive.org/web/20190916141504/https://foreignpolicy.com/2019/09/15/how-an-aerial-barrage-cut-saudi-oil-production-in-half-aramco-abqaiq-houthis-yemen/|archive-date=16 September 2019|url-status=live}}</ref> The attack cut 5.7 million barrels per day (bpd) of Saudi crude output, over 5% of the world's supply.<ref>{{Cite news|url=https://economictimes.indiatimes.com/news/international/business/how-the-saudi-aramco-attack-affects-global-oil-supply/articleshow/71154845.cms|title=How the Saudi Aramco attack affects global oil supply|date=16 September 2019|work=The Economic Times|access-date=16 September 2019}}{{Dead link|date=April 2024 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> 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.<ref>{{Cite news |url=https://www.wsj.com/articles/attack-increases-risks-for-saudi-aramcos-ipo-11568621756 |title=WSJ News Exclusive &#124; Saudi Officials Consider Delaying Aramco IPO After Attacks |newspaper=Wall Street Journal |date=16 September 2019 |access-date=16 September 2019 |archive-url=https://web.archive.org/web/20190916205346/https://www.wsj.com/articles/attack-increases-risks-for-saudi-aramcos-ipo-11568621756 |archive-date=16 September 2019 |url-status=live }}</ref>

=== 2019 initial public offering (IPO) === 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. While the IPO had been vetted by major banks, the IPO was delayed over concerns of Aramco's corporate structure through 2018 into 2019.<ref>{{cite web | url = https://www.cnbc.com/2019/09/10/saudi-aramco-ceo-confirms-ipo-will-have-a-secondary-listing.html | title = Saudi Aramco CEO confirms IPO will list locally 'very soon' | first = Natasha | last = Turak | date = 10 September 2019 | access-date = 11 December 2019 | work = CNBC | archive-date = 14 September 2019 | archive-url = https://web.archive.org/web/20190914073343/https://www.cnbc.com/2019/09/10/saudi-aramco-ceo-confirms-ipo-will-have-a-secondary-listing.html | url-status = live }}</ref> The September 2019 drone attacks on Aramco's facilities also delayed the onset of the IPO.<ref>{{cite web | url = https://www.cnbc.com/2019/09/16/new-security-fears-jeopardize-saudi-aramcos-public-stock-offering.html | title = New security fears jeopardize Saudi Aramco's public stock offering following attack | first = Natasha | last = Turak | date = 16 September 2019 | access-date = 16 September 2019 | publisher = CNBC | archive-url = https://web.archive.org/web/20190916181103/https://www.cnbc.com/2019/09/16/new-security-fears-jeopardize-saudi-aramcos-public-stock-offering.html | archive-date = 16 September 2019 | url-status = live }}</ref>

On 9 April 2019, Aramco issued bonds collectively valued at US$12 billion.<ref name=":0">{{Cite news|title=About that $100bn+ Saudi Aramco order book|url=https://ftalphaville.ft.com/2019/04/10/1554909825000/About-that--100bn--Saudi-Aramco-order-book/|url-status=live|archive-url=https://web.archive.org/web/20190410234318/https://ftalphaville.ft.com/2019/04/10/1554909825000/About-that--100bn--Saudi-Aramco-order-book/|archive-date=10 April 2019|access-date=10 April 2019|website=Financial Times|date=10 April 2019|last1=Smith|first1=Colby}}</ref> 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.<ref>{{Cite web|date=9 April 2019|title=Aramco smashes market record with $100bn orders for new bonds|url=http://www.arabnews.com/node/1480266/business-economy|url-status=live|archive-url=https://web.archive.org/web/20190410234313/http://www.arabnews.com/node/1480266/business-economy|archive-date=10 April 2019|access-date=10 April 2019|website=Arab News|language=en}}</ref><ref>{{Cite news|title=Orders for first Saudi Aramco bond smash $100bn|url=https://www.ft.com/content/8b82d9ec-5a95-11e9-9dde-7aedca0a081a|url-status=live|archive-url=https://web.archive.org/web/20190410234314/https://www.ft.com/content/8b82d9ec-5a95-11e9-9dde-7aedca0a081a|archive-date=10 April 2019|access-date=10 April 2019|website=Financial Times|date=9 April 2019|language=en-GB|last1=Smith|first1=Robert|last2=Kerr|first2=Simeon|last3=Rennison|first3=Joe}}</ref><ref name=":0" /> Aramco announced on Sunday 3 November 2019 its plan to list 1.5% of its value as an IPO on the Tadawul stock exchange.<ref>{{Cite news|url=https://uk.reuters.com/article/uk-saudi-aramco-ipo-idUKKBN1XD032|title=Saudi Aramco kick-starts what could be world's biggest IPO, offers scant details|date=3 November 2019|work=Reuters|access-date=3 November 2019|language=en|archive-url=https://web.archive.org/web/20191103191040/https://uk.reuters.com/article/uk-saudi-aramco-ipo-idUKKBN1XD032|archive-date=3 November 2019|url-status=dead}}</ref><ref name=":3">{{Cite web|url=https://www.cnbc.com/2019/11/03/saudi-aramco-ipo-domestic-listing-set-to-begin-trading-in-december.html|title=Saudi Arabia formally announces Aramco IPO with a domestic listing set for December|last=Graham|first=Holly Ellyatt,Emma|date=3 November 2019|website=CNBC|language=en|access-date=3 November 2019|archive-url=https://web.archive.org/web/20191103133714/https://www.cnbc.com/2019/11/03/saudi-aramco-ipo-domestic-listing-set-to-begin-trading-in-december.html|archive-date=3 November 2019|url-status=live}}</ref> On 9 November 2019, Saudi Aramco released a 600-page prospectus giving details of the IPO. According to the specifications provided, up to 0.5% of the shares were locked for individual retail investors.<ref>{{cite web|url=https://biz.blogdady.com/saudi-aramco-will-provide-lower-than-1-of-its-shares-to-particular-person-traders-it-nonetheless-could-be-the-most-important-ipo-ever/|title=Saudi Aramco will provide lower than 1% of its shares to particular person traders. It nonetheless could be the most important IPO ever|access-date=10 November 2019|website=Business News|date=28 August 2019 |archive-url=https://web.archive.org/web/20191111055938/https://biz.blogdady.com/saudi-aramco-will-provide-lower-than-1-of-its-shares-to-particular-person-traders-it-nonetheless-could-be-the-most-important-ipo-ever/|archive-date=11 November 2019|url-status=live}}</ref>

On 4 December 2019, Saudi Aramco priced its offering at 32 Saudi riyals (approximately US$8.53 at the time) per share. The company generated subscriptions of total amount equals US$119 billion representing 456% of total offer shares. It raised US$25.6 billion in its IPO, making it the world's largest IPO, succeeding that of the Alibaba Group in 2014.<ref>{{Cite web|url=https://www.cnn.com/2019/12/05/investing/saudi-aramco-ipo-price/index.html|title=Saudi Aramco raises $25.6 billion in the world's biggest IPO|author=Julia Horowitz and John Defterios|website=CNN|date=5 December 2019|access-date=5 December 2019|archive-date=5 December 2019|archive-url=https://web.archive.org/web/20191205195514/https://www.cnn.com/2019/12/05/investing/saudi-aramco-ipo-price/index.html|url-status=live}}</ref> 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 US$1.88 trillion, and making Saudi Aramco the world's largest listed company. The entire Tadawul has a market capitalisation of US$2.22 trillion.<ref name=":7" /><ref>{{cite web | title = 'Vindication' - Saudi Arabia hails 10% debut jump in Aramco shares | url = https://www.reuters.com/article/us-saudi-aramco-ipo-markets/vindication-saudi-arabia-hails-10-debut-jump-in-aramco-shares-idUSKBN1YF0LC | first1 = Marwa | last1 = Rashad | first2 = Saeed | last2 = Hasan | first3 = Stephen | last3 = Kalin | date = 11 December 2019 | access-date = 11 December 2019 | publisher = Reuters | archive-date = 11 December 2019 | archive-url = https://web.archive.org/web/20191211123752/https://www.reuters.com/article/us-saudi-aramco-ipo-markets/vindication-saudi-arabia-hails-10-debut-jump-in-aramco-shares-idUSKBN1YF0LC | url-status = live }}</ref>

===Global Medium Term Note Programme===

According to a bourse filing made by Aramco, the likes of Goldman Sachs, HSBC, Morgan Stanley, JPMorgan, and NCB Capital were hired by the company for organising investor calls prior to the planned transaction. The document published by one of the other banks said to be involved in the deal showed that the deal included BNP Paribas, MUFG, BofA Securities, SMBC Nikko, First Abu Dhabi Bank, Societe Generale, and BOC International. The company has reported a fall in the net profit of its third-quarter for November 2020, due to increased crude prices and a drop in its demand following the COVID-19 pandemic.<ref>{{cite news|url=https://in.reuters.com/article/aramco-bonds-int/saudi-aramco-hires-banks-for-multi-tranche-bond-deal-idUSKBN27W0H0|title=Saudi Aramco plans debt market comeback with multi-tranche bond deal|access-date=16 November 2020|website=Reuters|date=16 November 2020|last1=Saba|first1=Davide Barbuscia|archive-date=2 December 2020|archive-url=https://web.archive.org/web/20201202105644/https://in.reuters.com/article/aramco-bonds-int/saudi-aramco-hires-banks-for-multi-tranche-bond-deal-idUSKBN27W0H0|url-status=dead}}</ref><ref>{{cite web|url=https://www.tadawul.com.sa/wps/portal/tadawul/home/announcement-details/!ut/p/z1/pc9NDoIwFATgs3CCTqFgXdYqpVjrHyB2Y1gREkUXxvOLxK3VxLd7yTfJDHGkJq5vHl3b3Ltr35yH_-iSk82MzMDDJYoFIFbrPN3FOeUG5DCCMJScThmM0nYCsRVZlVZFBBUR908e7Lc8PpzA97wbid4oRvVAeJHMIEpp7NzuKeLkDXwTveC1YQSekrdLWdbodCuC4AmudiqM/dz/d5/L0lDU0lKQ2dwUkNTQ2lDbEVLSUtVUUEhIS9vTG9RQUFJUXhCQUlFb3lqQ1VSemdoU0ZMZ2xLMHJYRkFBISEvNEpDaWpzWXBNaFRqVUU1bEVtdDJVdHROUXpXN0tXMW1vNUEhL1o3X05ITENIMDgySzBUTkYwQVFWT0NCTUVLVTIyL1o2X05ITENIMDgySzBUTkYwQVFWT0NCTUVLVUs2L0FOTk9VTkNFTUVOVF9OVU1CRVIvNjExMzAvZ2xvYmFsL2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9jb21wYW55U3ltYm9sLzIyMjI!/|title=Saudi Arabian Oil Company (Aramco) announces its intention to issue international bonds pursuant to its Global Medium Term Note Programme|access-date=16 November 2020|website=Tadawul|archive-date=25 February 2021|archive-url=https://web.archive.org/web/20210225165833/https://www.tadawul.com.sa/wps/portal/tadawul/home/announcement-details/!ut/p/z1/pc9NDoIwFATgs3CCTqFgXdYqpVjrHyB2Y1gREkUXxvOLxK3VxLd7yTfJDHGkJq5vHl3b3Ltr35yH_-iSk82MzMDDJYoFIFbrPN3FOeUG5DCCMJScThmM0nYCsRVZlVZFBBUR908e7Lc8PpzA97wbid4oRvVAeJHMIEpp7NzuKeLkDXwTveC1YQSekrdLWdbodCuC4AmudiqM/dz/d5/L0lDU0lKQ2dwUkNTQ2lDbEVLSUtVUUEhIS9vTG9RQUFJUXhCQUlFb3lqQ1VSemdoU0ZMZ2xLMHJYRkFBISEvNEpDaWpzWXBNaFRqVUU1bEVtdDJVdHROUXpXN0tXMW1vNUEhL1o3X05ITENIMDgySzBUTkYwQVFWT0NCTUVLVTIyL1o2X05ITENIMDgySzBUTkYwQVFWT0NCTUVLVUs2L0FOTk9VTkNFTUVOVF9OVU1CRVIvNjExMzAvZ2xvYmFsL2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9jb21wYW55U3ltYm9sLzIyMjI!/|url-status=live}}</ref>

=== 2020s === On 10 March 2020 Saudi Aramco announced a global partnership with Formula One landing a multi-year deal.<ref>{{Cite web |title=Aramco announces partnership with Formula 1® |url=https://www.aramco.com/en/news-media/news/2020/aramco-announces-partnership-with-formula-1 |access-date=2022-03-21 |website=www.aramco.com |date=10 March 2020 |language=en |archive-date=30 January 2022 |archive-url= https://web.archive.org/web/20220130202607/https://www.aramco.com/en/news-media/news/2020/aramco-announces-partnership-with-formula-1 |url-status=live }}</ref> On 17 June 2020, Saudi Aramco acquired a 70% share in SABIC, a chemicals manufacturing company.<ref>{{Cite web |title=Aramco completes its acquisition of a 70% stake in SABIC from the Public Investment Fund (PIF) |url=https://www.aramco.com/en/news-media/news/2020/saudi-aramco-completes-acquisition-of-70-percent-stake-in-sabic |access-date=2022-03-09 |website=www.aramco.com |date=17 June 2020 |language=en |archive-date=24 January 2022 |archive-url= https://web.archive.org/web/20220124193959/https://www.aramco.com/en/news-media/news/2020/saudi-aramco-completes-acquisition-of-70-percent-stake-in-sabic |url-status=live }}</ref><ref>{{cite news |last1=Raval |first1=Anjli |date=17 June 2020 |title=Saudi Aramco extends payment plan as it closes $69bn Sabic deal |newspaper=Financial Times |url=https://www.ft.com/content/8bd1f982-6a67-4542-9655-fa3276dc64ff |archive-url= https://ghostarchive.org/archive/20221210/https://www.ft.com/content/8bd1f982-6a67-4542-9655-fa3276dc64ff |archive-date=10 December 2022 |url-access=subscription |access-date=18 June 2020}}</ref> 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. Most of the workers who lost their job at Aramco were foreigners.<ref>{{cite news |date=18 June 2020 |title=Saudi Aramco cuts hundreds of jobs amid oil market downturn, sources say |url=https://suzuki.uk.com |access-date=18 June 2020 |website=suzuki.uk.com}}</ref> On 31 July 2020, Saudi Aramco lost its title as the world's largest listed company by market capitalisation to Apple.<ref>{{Cite web |last=Bursztynsky |first=Jessica |date=2020-07-31 |title=Apple surpasses Saudi Aramco to become world's most valuable company |url=https://www.cnbc.com/2020/07/31/apple-surpasses-saudi-aramco-to-become-worlds-most-valuable-company.html |access-date=2022-03-09 |website=CNBC |language=en |archive-date=9 March 2022 |archive-url= https://web.archive.org/web/20220309213314/https://www.cnbc.com/2020/07/31/apple-surpasses-saudi-aramco-to-become-worlds-most-valuable-company.html |url-status=live }}</ref> 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.<ref>{{cite web |date=9 August 2020 |title=Saudi Aramco profit drops 50% for first half of the year as pandemic batters oil price |url=https://www.cnbc.com/2020/08/09/saudi-aramco-profit-drops-50percent-for-first-half-of-the-year-as-pandemic-batters-oil-price.html |access-date=9 August 2020 |website=CNBC |archive-date=9 August 2020 |archive-url= https://web.archive.org/web/20200809090215/https://www.cnbc.com/2020/08/09/saudi-aramco-profit-drops-50percent-for-first-half-of-the-year-as-pandemic-batters-oil-price.html |url-status=live }}</ref> On 3 November 2020, Saudi Aramco reported a 44.6% drop in third-quarter net profit amid the COVID-19 pandemic.<ref>{{Cite news |author1=Rania El Gamal |author2=Hadeel Al Sayegh|date=2020-11-03 |title=Saudi Aramco third-quarter profit slumps 44.6% as pandemic chokes demand |language=en |work=Reuters |url=https://uk.reuters.com/article/us-saudi-aramco-results-idUKKBN27J0K3 |access-date=2020-11-05 |archive-date=6 November 2020 |archive-url= https://web.archive.org/web/20201106114709/https://uk.reuters.com/article/us-saudi-aramco-results-idUKKBN27J0K3 |url-status=dead }}</ref>

On 14 December 2020, Saudi state TV announced that an oil tanker carrying over 60,000 metric tons of unleaded gasoline from an Aramco refinery at Yanbu, had been attacked by a smaller boat rigged with explosives.<ref>{{Cite web |title=Oil tanker attacked in Saudi Arabian port by "booby-trapped boat" amid ongoing war in Yemen |url=https://www.cbsnews.com/news/saudi-arabia-oil-tanker-hit-external-source-jiddah-amid-yemen-war-iran-houthis/ |access-date=2022-03-09 |website=CBS News |date=14 December 2020 |language=en-US}}</ref>

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.<ref>{{Cite news |date=21 March 2021 |title=Saudi Aramco's profits slide nearly 45% after lower oil demand |work=BBC News |url=https://www.bbc.com/news/business-56474925 |access-date=24 March 2021 |archive-date=8 April 2023 |archive-url= https://web.archive.org/web/20230408182841/https://www.bbc.com/news/business-56474925 |url-status=live }}</ref> On 19 March 2021, an Aramco refinery was attacked by six bomb-laden drones.<ref>{{Cite web |title=Successful drone attack on Saudi Aramco in Riyadh claimed by Yemen rebels |url=https://www.worldoil.com/news/2021/3/19/successful-drone-attack-on-saudi-aramco-in-riyadh-claimed-by-yemen-rebels |access-date=2022-03-09 |website=www.worldoil.com |date=19 March 2021 |archive-date=5 April 2022 |archive-url= https://web.archive.org/web/20220405032341/https://www.worldoil.com/news/2021/3/19/successful-drone-attack-on-saudi-aramco-in-riyadh-claimed-by-yemen-rebels |url-status=live }}</ref> The attack, which was claimed by Houthi rebels, started a fire but caused no injuries or damage, according to the official Saudi Press Agency.<ref>{{Cite web |date=2021-04-20 |title=Saudi Arabia: Drones attack Riyadh oil facility, no damage |url=https://apnews.com/article/dubai-yemen-saudi-arabia-riyadh-united-arab-emirates-1ae00495e96e873c31211c865c4311ee |access-date=2022-03-09 |website=AP NEWS |language=en |archive-date=9 March 2022 |archive-url= https://web.archive.org/web/20220309182657/https://apnews.com/article/dubai-yemen-saudi-arabia-riyadh-united-arab-emirates-1ae00495e96e873c31211c865c4311ee |url-status=live }}</ref> 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.<ref>{{Cite web|date=2021-03-23|title=Saudi Aramco offers China partnership in energy transition|url=https://arab.news/vqqqa |access-date=2021-03-23|website=Arab News|language=en}}</ref><ref>{{Cite news |date=2021-03-21 |title=Saudi Aramco to prioritise energy supply to China for 50 yrs, says CEO |language=en |work=Reuters |url=https://www.reuters.com/business/energy/saudi-aramco-prioritise-energy-supply-china-50-yrs-says-ceo-2021-03-21/ |access-date=2022-03-09 |archive-date=9 March 2022 |archive-url= https://web.archive.org/web/20220309182657/https://www.reuters.com/business/energy/saudi-aramco-prioritise-energy-supply-china-50-yrs-says-ceo-2021-03-21/ |url-status=live }}</ref> More recently, they signed a deal with a consortium led by EIG.<ref>{{Cite news|date=2021-04-09|title=Aramco signs $12.4 billion pipeline deal with EIG-led consortium|language=en|work=Reuters|url=https://www.reuters.com/article/us-saudi-aramco-pipeline-stakesale-idUSKBN2BW2RM |access-date=2021-04-10|archive-date=10 April 2021|archive-url= https://web.archive.org/web/20210410000754/https://www.reuters.com/article/us-saudi-aramco-pipeline-stakesale-idUSKBN2BW2RM |url-status=live}}</ref> In July 2021, Saudi Aramco appointed former HSBC Holdings Plc Chief Executive Officer Stuart Gulliver to the company's board of directors.<ref>{{cite news|url=https://www.bloomberg.com/news/articles/2021-07-04/saudi-aramco-appoints-ex-hsbc-ceo-stuart-gulliver-to-board |title=Saudi Aramco Appoints Ex-HSBC CEO Stuart Gulliver to Board|website=Bloomberg News|date=4 July 2021|access-date=13 July 2021|archive-date=13 July 2021|archive-url= https://web.archive.org/web/20210713051511/https://www.bloomberg.com/news/articles/2021-07-04/saudi-aramco-appoints-ex-hsbc-ceo-stuart-gulliver-to-board |url-status=live}}</ref>

In October 2021, Saudi Aramco announced plans to achieve net-zero carbon emissions from its wholly owned operations by 2060.<ref>{{Cite web |author=Kareem El Damanhoury |title=Leading oil exporter Saudi Arabia aims to reach net-zero carbon emissions by 2060, Crown Prince MBS says |url=https://www.cnn.com/2021/10/23/middleeast/saudi-arabia-aramco-zero-emission-plan/index.html |access-date=2021-10-24 |website=CNN |date=23 October 2021 |archive-date=24 October 2021 |archive-url= https://web.archive.org/web/20211024130137/https://www.cnn.com/2021/10/23/middleeast/saudi-arabia-aramco-zero-emission-plan/index.html |url-status=live}}</ref> On 20 November 2021, Houthi fighters took credit for launching 14 drones at military targets in Riyadh, Abha, Jizan, Najran, and Jeddah, and Aramco's refineries in Jeddah.<ref>{{Cite web |title=Houthis say their drone attacks target several Saudi cities |url=https://www.aljazeera.com/news/2021/11/20/yemens-houthis-say-they-attacked-saudi-cities-aramco-facilities |access-date=2022-03-09 |website=www.aljazeera.com |language=en |archive-date=9 March 2022 |archive-url= https://web.archive.org/web/20220309204102/https://www.aljazeera.com/news/2021/11/20/yemens-houthis-say-they-attacked-saudi-cities-aramco-facilities |url-status=live}}</ref><ref>{{Cite news |date=2021-11-20 |title=Yemen's Houthis say they attacked Saudi cities, Aramco facilities |language=en |work=Reuters |url=https://www.reuters.com/world/middle-east/yemens-houthis-say-they-attacked-saudi-cities-aramco-facilities-2021-11-20/ |access-date=2022-03-09 |archive-date=9 March 2022 |archive-url= https://web.archive.org/web/20220309204102/https://www.reuters.com/world/middle-east/yemens-houthis-say-they-attacked-saudi-cities-aramco-facilities-2021-11-20/ |url-status=live }}</ref> 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.<ref name=":4">{{Cite web|date=2021-10-29|title='Apocalypse soon': reluctant Middle East forced to open eyes to climate crisis|url=https://www.theguardian.com/environment/2021/oct/29/apocalypse-soon-reluctant-middle-east-forced-to-open-eyes-to-climate-crisis |access-date=2021-10-30|website=The Guardian|language=en|archive-date=11 January 2024|archive-url= https://web.archive.org/web/20240111205535/https://www.theguardian.com/environment/2021/oct/29/apocalypse-soon-reluctant-middle-east-forced-to-open-eyes-to-climate-crisis |url-status=live}}</ref> Rather, Aramco announced in 2021 that the company intended to increase crude capacity from 12m barrels a day to 13m barrels by 2027.<ref name=":4" />

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.<ref>{{cite news |last1=Cang |first1=Alfred |last2=Chakraborty |first2=Debjit |last3=Cheong |first3=Serene |title=Saudi Arabia's Aramco raises oil prices as crude surges |url=https://www.worldoil.com/news/2022/2/6/saudi-arabia-s-aramco-raises-oil-prices-as-crude-surges/ |access-date=6 February 2022 |work=World Oil |agency=World Oil |publisher=World Oil |date=6 February 2022 |archive-date=6 February 2022 |archive-url= https://web.archive.org/web/20220206195542/https://www.worldoil.com/news/2022/2/6/saudi-arabia-s-aramco-raises-oil-prices-as-crude-surges/ |url-status=live}}</ref> In March 2022, Houthi fighters attacked an Aramco storage site in Jeddah causing a fire in two storage tanks.<ref>{{cite web |url=https://www.reuters.com/world/middle-east/saudi-air-defences-destroy-houthi-drones-state-tv-2022-03-25/ |title=Saudi Aramco petroleum storage site hit by Houthi attack, fire erupts |website=Reuters |date=26 March 2022 |access-date=28 March 2022 |archive-date=25 March 2022 |archive-url= https://web.archive.org/web/20220325115307/https://www.reuters.com/world/middle-east/saudi-air-defences-destroy-houthi-drones-state-tv-2022-03-25/ |url-status=live}}</ref> The incident occurred during the closing part of the first practice session for the 2022 Saudi Arabian Grand Prix, with first reports coming just after 17:40 local time. After closed-door discussions between Formula One officials, all ten teams, and local officials, the remaining sessions went ahead as planned. On 11 May 2022, Saudi Aramco became the largest (most valuable) company in the world by market cap, surpassing Apple Inc.<ref>{{Cite web |last=Wearden |first=Graeme |date=2022-05-12 |title=Saudi Aramco overtakes Apple as world's most valuable company |url=https://www.theguardian.com/business/2022/may/12/saudi-aramco-overtakes-apple-worlds-most-valuable-company |access-date= |website=The Guardian |language=en |archive-date=13 May 2022 |archive-url= https://web.archive.org/web/20220513170606/https://www.theguardian.com/business/2022/may/12/saudi-aramco-overtakes-apple-worlds-most-valuable-company |url-status=live }}</ref> In August 2022, Saudi Aramco announced that it would acquire Valvoline's petroleum unit for $2.65 billion.<ref>{{Cite web |last=Wallace |first=Paul |date=August 1, 2022 |title=Saudi Aramco Buys Valvoline's Fuels Unit for $2.7 Billion |url=https://www.bloomberg.com/news/articles/2022-08-01/saudi-aramco-buys-valvoline-s-petroleum-unit-for-2-65-billion |access-date=2022-08-01 |website=Bloomberg}}</ref>

In March 2023, Saudi Aramco announced that they had seen record profits of $161 billion as prices of petrol soared following the COVID-19 pandemic. The figures eclipsed the numbers posted by ExxonMobil and Shell, who reported $55.7 and $39.9 billion in profit respectively.<ref>{{Cite web |date=March 12, 2023 |title=Aramco: Saudi state-owned oil giant sees record profit of $161bn |url=https://www.bbc.com/news/world-middle-east-64931074 |access-date=2023-03-12 |website=www.BBC.com |archive-date=12 March 2023 |archive-url= https://web.archive.org/web/20230312142535/https://www.bbc.com/news/world-middle-east-64931074 |url-status=live}}</ref> In March 2023, Saudi Aramco announced it was going to acquire a 10% stake in China's Rongsheng Petrochemical Co. Ltd, with an estimated purchase price of $3.6 billion, and plans to build a new refining and petrochemical complex in northeast China through a joint venture.<ref>{{Cite web|language=en|url=https://www.independent.co.uk/news/saudi-arabia-ap-china-saudi-aramco-riyadh-b2308701.html |title=Saudi Aramco to invest billions in Chinese petrochemicals|website=Independent|date=27 March 2023 |access-date=2024-01-29|archive-date=2023-04-12|archive-url= https://web.archive.org/web/20230412053318/https://www.independent.co.uk/news/saudi-arabia-ap-china-saudi-aramco-riyadh-b2308701.html }}</ref>

In September 2023, it was announced that Saudi Aramco had reached an agreement with the Latin American private equity fund, Southern Cross Group to acquire the Santiago-headquartered fuel retailer, Esmax Distribución SPA, operator of Petrobras-branded service stations in Chile. The acquisition marks Saudi Aramco's entry into the South American fuel retailing market,<ref>{{Cite web |title=Aramco to Acquire Chile Fuels Retailer |url=https://www.rigzone.com/news/aramco_to_acquire_chile_fuels_retailer-20-sep-2023-174058-article/ |access-date=2023-09-20 |website=Rigzone|language=en |archive-date=28 September 2023 |archive-url= https://web.archive.org/web/20230928040754/https://www.rigzone.com/news/aramco_to_acquire_chile_fuels_retailer-20-sep-2023-174058-article/ |url-status=live }}</ref> and beginning in May 2024, the 300 Petrobras service stations in Chile will be gradually converted to Aramco service stations.<ref>{{Cite web |last=Guillou |first=Víctor |date=2024-05-10 |title=Adiós a Petrobras: Gigante saudita adoptará su marca Aramco en su red de 300 estaciones en 24 meses |trans-title=Goodbye to Petrobras: Saudi Giant Will Adopt Its Aramco Brand in Its Network of 300 Stations Within 24 Months |url=https://www.latercera.com/pulso/noticia/adios-a-petrobras-gigante-saudita-adoptara-su-marca-aramco-en-su-red-de-300-estaciones-en-24-meses/ZG4QEB7GONA3RIF4J6ITAC4HII/ |access-date=2024-05-13 |website=La Tercera |language=es}}</ref><ref>{{Cite web |last=Peña |first=Karen |title=Aramco inaugura su primera estación de servicio en Chile y delinea próximos pasos |trans-title=Aramco Inaugurates Its First Service Station in Chile and Outlines Next Steps |url=https://www.df.cl/empresas/energia/aramco-inaugura-su-primera-estacion-de-servicio-en-chile-y-delinea |url-access=subscription |access-date=2024-05-14 |website=Diario Financiero |language=es}}</ref> In September 2023, Indian engineering and construction giant Larsen & Toubro (L&T) signed a contract with Saudi Aramco. The Jafoor unconventional gas development expansion project in Saudi Arabia where L&T will build a gas processing plant and major processing facilities is worth $2.9 billion.<ref>{{Cite web|language=en|url=https://www.oilandgasmiddleeast.com/news/lt-secures-2-9-billion-contract-for-aramcos-gas-expansion-project |title=L&T secures $2.9 billion contract for Aramco's gas expansion project|website=Oil&Gas|date=8 September 2023 |access-date=2024-01-29|archive-date=2024-01-15|archive-url= https://web.archive.org/web/20240115040645/https://www.oilandgasmiddleeast.com/news/lt-secures-2-9-billion-contract-for-aramcos-gas-expansion-project}}</ref> In December 2023, Saudi Aramco acquired 40% shares in Gas & Oil Pakistan for an undisclosed amount.<ref>{{Cite news |date=2023-12-12 |title=Saudi Aramco Enters Pakistan With Stake in Fuel Retailer GO |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2023-12-12/saudi-aramco-enters-pakistan-with-stake-in-fuel-retailer-go |access-date=2023-12-12 |archive-date=12 December 2023 |archive-url= https://web.archive.org/web/20231212161905/https://www.bloomberg.com/news/articles/2023-12-12/saudi-aramco-enters-pakistan-with-stake-in-fuel-retailer-go |url-status=live }}</ref>

Saudi Aramco was ranked first on Forbes Middle East's Top 100 Listed Companies 2025 list.<ref>{{Cite web |last=Mughal |first=Waqar |title=Saudi Aramco |url=https://www.forbesmiddleeast.com/lists/top-100-listed-companies-2025/saudi-aramco/ |access-date=2026-05-04 |website=Forbes Lists |language=en-US}}</ref>

Today,{{when|date=March 2026}} based on Yahoo Finance, Aramco's market cap is SAR [https://finance.yahoo.com/quote/2222.SR/?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAALk6QppVwh2_uJjCmvfUVRILZrGjO36wg8un84N8Ui32E5uYQG19kQ_NTG9KbcHWbgun9wimZw-nQRF1JPfiYcMCMTvabXUvoNIFJTdE42IbKHM1OabfOpf7CI4WdXoCymSD0sZHKGOVFMMd4L21MF-ALDob5HUVzr5RoJnpVzlc 6.279T]. Aramco is deemed to be the most profitable firm in history.{{cn|date=March 2026}} It costs the firm $3.75{{cn|date=March 2026}} to produce each barrel, which is among the lowest of all oil/gas firms. Along with other Middle East countries where oil reserves are easy to extract, Saudi Arabia has relatively low production costs around $10 per barrel, making most oil sales prices profitable. By comparison, Canada and United States have production costs around $40 to $60 per barrel.<ref name=dom>{{cite web |last1=Dom |first1=Evelyn Ann-Marie |title=What does the US-Israel attack on Iran mean for oil prices? |url=https://www.euronews.com/business/2026/02/28/what-does-the-us-israel-attack-on-iran-mean-for-oil-prices |publisher=Euronews |date=28 February 2026}}</ref>

In early 2026, Saudi Aramco signed a 20-year deal to receive 1 million tonnes of liquefied natural gas per year from USA.<ref>{{cite web |last1=Watkins |first1=Simon |title=Saudi Arabia’s New U.S. LNG Deal Marks a Stunning Geopolitical Reversal |url=https://oilprice.com/Energy/Natural-Gas/Saudi-Arabias-New-US-LNG-Deal-Marks-a-Stunning-Geopolitical-Reversal.html |website=OilPrice.com |language=en |date=23 February 2026}}</ref>

==Operation== thumb|Exploration [[File:AramcoServicesCompanyHQ.jpg|thumb|Headquarters of Aramco Services Co. in Houston]] Saudi Aramco is headquartered in Dhahran, but its operations span the globe and include exploration, production, refining, chemicals, distribution and marketing. All these activities of the company are monitored by the Saudi Arabian Ministry of Petroleum and Mineral Resources together with the Supreme Council for Petroleum and Minerals.<ref name=rwi/> However, the ministry has much more responsibility in this regard than the council.<ref name=rwi>{{cite web|title=Saudi Arabia|url=http://www.revenuewatch.org/countries/middle-east-and-north-africa/saudi-arabia/overview|work=Revenue Watch Institution|access-date=16 September 2013|archive-url=https://web.archive.org/web/20130921042513/http://www.revenuewatch.org/countries/middle-east-and-north-africa/saudi-arabia/overview|archive-date=21 September 2013|url-status=live}}</ref>

=== Finances === The key trends for Saudi Aramco are (as of the financial year ending 31 December): {| class="wikitable" style="text-align:center" ! !Revenue<br />(USD million) !Income before tax<br />(USD million) !Net Income<br />(USD million) !Total Assets<br />(USD million) |- |2017<ref>[https://www.aramco.com/-/media/publications/corporate-reports/reports-and-presentations/2018/saudi-aramco-results-2017-2018-summary-financials.pdf Saudi Aramco Results 2017-2018]</ref> |264,176 |155,050 |75,898 |294,014 |- |2018<ref name=":8">[https://www.aramco.com/-/media/publications/corporate-reports/annual-reports/saudi-aramco-ara-2019-english.pdf Annual Report 2019] </ref> |359,204 |212,772 |111,071 |359,171 |- |2019<ref name=":8" /> |329,809 |177,798 |88,185 |289,581 |- |2020<ref>[https://www.aramco.com/-/media/publications/corporate-reports/annual-reports/saudi-aramco-ara-2020-english.pdf Annual Report 2020]</ref> |229,891 |99,313 |49,003 |404,102 |- |2021<ref>[https://www.aramco.com/-/media/publications/corporate-reports/annual-reports/saudi-aramco-ara-2021-english.pdf Annual Report 2021]</ref> |400,468 |205,206 |109,972 |576,718 |- |2022<ref>[https://www.aramco.com/-/media/publications/corporate-reports/annual-reports/saudi-aramco-ara-2022-english.pdf Annual Report 2022]</ref> |604,366 |307,456 |161,068 |664,780 |- |2023<ref>[https://www.aramco.com/-/media/publications/corporate-reports/annual-reports/saudi-aramco-ara-2023-english.pdf Annual Report 2023]</ref> |495,033 |236,818 |121,271 |660,784 |- |2024<ref>[https://www.aramco.com/-/media/publications/corporate-reports/annual-reports/saudi-aramco-ara-2024-english.pdf Annual Report 2024]</ref> |480,446 |208,536 |106,246 |646,301 |}

===Board of directors=== * Yasir Othman Al-Rumayyan (chairman), member of the Council of Economic and Development Affairs (Saudi Arabia) * Ibrahim Abdulaziz Al-Assaf, former Minister of Foreign Affairs and Minister of Finance * Mohammed Al-Jadaan, current Minister of Finance * Mohammad M. Al-Tuwaijri, former Minister of Economy and Planning * Nabil Al-Amoudi, former Minister of Transport * Mark Moody-Stuart, former group managing director and chairman of Royal Dutch Shell, Anglo American, HSBC, and the Foundation for the United Nations Global Compact * Andrew N. Liveris, former chairman and CEO of Dow Chemical * Lynn Elsenhans, former chairwoman and CEO of Sunoco * Peter Cella, former president and CEO of Chevron Philips Chemical * Mark Weinberger, former chairman and CEO of Ernst & Young * Amin H. Nasser, president and CEO of Saudi Aramco

===Exploration=== A significant portion of the Saudi Aramco workforce consists of geophysicists and geologists. Saudi Aramco has been exploring for oil and gas reservoirs since 1982. Most of this process takes place at the EXPEC Advanced Research Center. Originally, Saudi Aramco used Cray Supercomputers (CRAY-1M) in its EXPEC Advanced Research Center (ECC)<ref>[http://www.spikynorman.dsl.pipex.com/CrayWWWStuff/Cfaqp3.html Cray FAQ Part 3: FAQ kind of items] {{Webarchive|url=https://web.archive.org/web/20070821192116/http://www.spikynorman.dsl.pipex.com/craywwwstuff/Cfaqp3.html |date=21 August 2007 }}, spikynorman.dsl.pipex.com. Retrieved 11 November 2014.</ref> to assist in processing the colossal quantity of data obtained during exploration and in 2001, ECC decided to use Linux clusters as a replacement for the decommissioned Cray systems. ECC installed a new supercomputing system in late 2009 with a disk storage capacity of 1,050 terabytes (i.e., exceeding one petabyte), the largest storage installation in Saudi Aramco's history to support its exploration in the frontier areas and the Red Sea.<ref name="hpcwire">[https://archive.today/20120903124810/http://www.hpcwire.com/hpcwire/2010-02-24/saudi_expec_computer_center_deploys_supercomputer.html "Saudi EXPEC Computer Center Deploys Supercomputer"], 24 February 2010. Retrieved 11 November 2014.</ref>

===Refining and chemicals=== While the company did not originally plan on refining oil, the Saudi government wished to have only one company dealing with oil production. Therefore, on 1 July 1993, the government issued a royal decree merging Saudi Aramco with Samarec, the country's oil refining company. The following year, a Saudi Aramco subsidiary acquired a 40% equity interest in Petron Corporation, the largest crude oil refiner and marketer in the Philippines. Since then, Saudi Aramco has taken on the responsibility of refining oil and distributing it in the country.<ref name="aramcoaboutus"/> In 2008, Saudi Aramco sold its entire stake to the Ashmore Group, a London-listed investment group. Ashmore acquired an additional 11% when it made a required tender offer to other shareholders. By July 2008, Ashmore, through its SEA Refinery Holdings B.V., had a 50.57% of Petron's stock. Ashmore's payment was made in December 2008. In December 2008, Ashmore acquired PNOC's 40% stake. In the same month, San Miguel Corporation (SMC) said it was in the final stages of negotiations with the Ashmore Group to buy up to 50.1% of Petron. In 2010, SMC acquired majority control of Petron Corporation.

Currently,{{when|date=November 2019}} Saudi Aramco's refining capacity is {{convert|5.4|Moilbbl/d|m3/d}} (International joint and equity ventures: {{convert|2,500|Moilbbl/d|m3/d|abbr=on}}, domestic joint ventures: 1,900 mpbd, and wholly owned domestic operations: {{convert|1000|Moilbbl/d|m3/d|abbr=on}}.)<ref name="annual review 2015">{{cite web|title=Saudi Aramco Annual Review 2015|url=http://www.saudiaramco.com/content/dam/Publications/annual-review/2015/English/AR-2015-SaudiAramco-English-full.pdf|access-date=8 June 2017|archive-url=https://web.archive.org/web/20161118040426/http://www.saudiaramco.com/content/dam/Publications/annual-review/2015/English/AR-2015-SaudiAramco-English-full.pdf|archive-date=18 November 2016|url-status=dead}}</ref>

Saudi Aramco's downstream operations are shifting emphasis to integrate refineries with petrochemical facilities. Their first venture into it is with Petro Rabigh, which is a joint venture with Sumitomo Chemical Co. that began in 2005 on the coast of the Red Sea.<ref name="aramcoaboutus"/> 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.<ref>{{Cite news|url=https://www.reuters.com/article/us-saudi-aramco-shell-idUSKCN1RX06U|title=Aramco to buy Shell's stake in Saudi refining JV for $631 million|date=21 April 2019|work=Reuters|access-date=21 April 2019|language=en|archive-url=https://web.archive.org/web/20190421125947/https://www.reuters.com/article/us-saudi-aramco-shell-idUSKCN1RX06U|archive-date=21 April 2019|url-status=live}}</ref>

====List of refineries==== List of domestic refineries:<ref name="annual review 2015"/> [[File:Riyadh refinery - 1.jpg|thumb|Riyadh oil refinery, operated by Aramco is located at the outskirts of Riyadh]] * Jazan Refinery and terminal projects (JRTP) ({{convert|400000|oilbbl/d|m3/d|abbr=on}}), Jazan construction is ongoing.<ref>[https://web.archive.org/web/20180908102619/http://www.saudiaramco.com/en/home/news-media/news/jazan-mega-project-powers-forward.html Jazan mega-project powers forward]</ref> * Jeddah Refinery ({{convert|78000|oilbbl/d|m3/d|abbr=on}}) Jeddah converted to product storage terminal in November 2017. * Ras Tanura Refinery ({{convert|550000|oilbbl/d|m3/d|abbr=on}}) (includes a Crude Distillation Unit, a Gas Condensate Unit, a hydrocracker, and catalytic reforming) * The Saudi Aramco Jubail Refinery Co. (SASREF), Jubail ({{convert|305000|oilbbl/d|m3/d|abbr=on}}) * Riyadh Refinery ({{convert|126000|oilbbl/d|m3/d|abbr=on}}) * Yanbu Refinery ({{convert|245000|oilbbl/d|m3/d|abbr=on}})

List of domestic refining ventures:<ref name="annual review 2015" /> * The Saudi Aramco Mobil Refinery Co. Ltd. (SAMREF), Yanbu ({{convert|400000|oilbbl/d|m3/d|abbr=on}}) * Petro Rabigh, Rabigh ({{convert|400000|oilbbl/d|m3/d|abbr=on}}) * Saudi Aramco Base Oil Co. (Luberef) * Saudi Aramco Total Refining and Petrochemical Co. (SATORP), Jubail<ref name=GT-DEX-2008-09>{{cite web|title=SAUDI ARAMCO TOTAL Refining and Petrochemical Co. (SATORP) completes US$8.5 Billion project financing for Jubail Refinery|url=http://www.total.com/en/about-total/news/news-940500.html&idActu=2404|access-date=18 August 2012|archive-url=https://web.archive.org/web/20130124013240/http://www.total.com/en/about-total/news/news-940500.html%26idActu%3D2404|archive-date=24 January 2013|url-status=live}}</ref> ({{convert|400000|oilbbl/d|m3/d|abbr=on}}) * Yanbu Aramco Sinopec Refinery (YASREF), Yanbu ({{convert|400000|oilbbl/d|m3/d|abbr=on}})

List of international refining ventures:<ref name="facts2012">[http://www.saudiaramco.com/content/dam/Publications/Annual%20Review/AnnualReview2010/Annual%20Review_2010_modified_080611.pdf Saudi Aramco Annual Review 2010] {{Webarchive|url=https://web.archive.org/web/20170806181938/http://www.saudiaramco.com/content/dam/Publications/Annual%20Review/AnnualReview2010/Annual%20Review_2010_modified_080611.pdf|date=6 August 2017}}, saudiaramco.com. Retrieved 11 November 2014.</ref> * Fujian Refining and Petrochemical Co. (FRPC), People's Republic of China * Sinopec SenMei (Fujian) Petroleum Co. Ltd. (SSPC), People's Republic of China * Motiva Enterprises LLC, United States, Port Arthur Texas {{convert|635000|oilbbl/d|m3/d|abbr=on}} * Showa Shell, Japan {{convert|445000|oilbbl/d|m3/d|abbr=on}} * S-Oil, Republic of Korea {{convert|669000|oilbbl/d|m3/d|abbr=on}} * Saudi Refining Inc., United States<ref>{{cite news|last1=Seba|first1=Erwin|title=After Motiva split, Saudi Aramco aims to buy more U.S. refineries - sources|url=https://www.reuters.com/article/us-saudi-aramco-exclusive-idUSKCN0WK2HX|access-date=25 January 2016|work=Reuters|date=18 March 2016|archive-url=https://web.archive.org/web/20160319014833/http://www.reuters.com/article/us-saudi-aramco-exclusive-idUSKCN0WK2HX|archive-date=19 March 2016|url-status=live}}</ref> * Reliance Industries, (no investment) India<ref>{{cite web|title=Saudi Aramco ready for record $2tn IPO after first-half results |url=https://www.theguardian.com/business/2019/aug/12/oil-producer-saudi-aramco-makes-47bn-half-year-profit|work=The Guardian|date=12 August 2019|access-date=12 August 2019|archive-url=https://web.archive.org/web/20190812100504/https://www.theguardian.com/business/2019/aug/12/oil-producer-saudi-aramco-makes-47bn-half-year-profit|archive-date=12 August 2019|url-status=live }}</ref>

Saudi Aramco at one point had been exploring projects in Pakistan, including a $10 billion refinery project in Gwandar<ref>{{cite web |url=https://www.arabnews.com/node/1812721/business-economy |title=Masterplan for Pakistani oil city, including Aramco refinery, to be ready by year-end |author=Kurshid Ahmed |date=2021-02-20 |archive-url=https://web.archive.org/web/20210603015213/https://www.arabnews.com/node/1812721/business-economy |archive-date=2021-06-03 |access-date=2022-03-19 |url-status=live}}</ref> which has since been cancelled.<ref>{{cite web |url=https://propakistani.pk/2021/12/24/saudi-aramco-mega-project-in-gwadar-abandoned/ |date=2021-12-24 |author=Ishfaq Mughal |title=Saudi Aramco Mega-Project in Gwadar Abandoned |access-date=19 March 2022 |archive-date=19 March 2022 |archive-url=https://web.archive.org/web/20220319041554/https://propakistani.pk/2021/12/24/saudi-aramco-mega-project-in-gwadar-abandoned/ |url-status=live }}</ref> 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.<ref>{{cite web |url=https://www.reuters.com/business/energy/aramco-says-china-joint-venture-develop-refinery-petrochemical-complex-2022-03-10/ |publisher=Reuters |archive-url=https://web.archive.org/web/20220313143154/https://www.reuters.com/business/energy/aramco-says-china-joint-venture-develop-refinery-petrochemical-complex-2022-03-10/ |archive-date=2022-03-13 |access-date=2022-03-16 |url-status=live |title=Aramco says China joint venture to develop refinery and petrochemical complex |date=2022-03-10}}</ref>

===Shipping=== Saudi Aramco has employed several tankers to ship crude oil, refined oil, and natural gas to various countries. 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.<ref>{{cite web|url=http://www.vela.ae/-History-Vela8.html|title=History|publisher=Vela International Marine Limited|access-date=9 August 2012|archive-url=https://web.archive.org/web/20120302193530/http://www.vela.ae/-History-Vela8.html|archive-date=2 March 2012|url-status=live}}</ref> It is a stakeholder in the King Salman Global Maritime Industries Complex, a shipyard that will be the largest in the world when complete.<ref>{{cite web | url=http://worldmaritimenews.com/archives/193476/bahri-partners-step-closer-to-set-up-maritime-yard-in-saudi-arabia/ | title=Bahri, Partners Step Closer to Set Up Maritime Yard in Saudi Arabia | publisher=World Maritime News | date=1 June 2016 | access-date=13 May 2017 | archive-url=https://web.archive.org/web/20170607124323/http://worldmaritimenews.com/archives/193476/bahri-partners-step-closer-to-set-up-maritime-yard-in-saudi-arabia/ | archive-date=7 June 2017 | url-status=usurped }}</ref>

=== Global investment === Saudi Aramco expanded its presence worldwide to include the three major global energy markets of Asia, Europe, and North America.<ref>{{Cite web|url=https://www.saudiaramco.com/en/who-we-are/overview/global-presence|title=Global presence|website=www.saudiaramco.com|language=en|access-date=15 April 2019|archive-url=https://web.archive.org/web/20190402151126/https://www.saudiaramco.com/en/who-we-are/overview/global-presence|archive-date=2 April 2019|url-status=live}}</ref> In April 2019, Aramco has signed a deal to acquire a 13% stake in South Korean oil refiner Hyundai Oilbank for US$1.24 billion.<ref>{{Cite news|url=https://www.ft.com/content/a405eb2c-5f49-11e9-b285-3acd5d43599e|title=Saudi Aramco to take 13% stake in Hyundai Oilbank|website=Financial Times|date=15 April 2019|language=en-GB|access-date=15 April 2019|archive-url=https://web.archive.org/web/20190415184214/https://www.ft.com/content/a405eb2c-5f49-11e9-b285-3acd5d43599e|archive-date=15 April 2019|url-status=live|last1=Jung-a|first1=Song}}</ref><ref>{{Cite web|url=https://www.saudiaramco.com/en/news-media/news/2019/sa-to-acquire-stake-in-hyundai-oilbank|title=Saudi Aramco to acquire stake in South Korean Hyundai Oilbank|website=www.saudiaramco.com|date=15 April 2019 |language=en|access-date=15 April 2019|archive-url=https://web.archive.org/web/20190415184216/https://www.saudiaramco.com/en/news-media/news/2019/sa-to-acquire-stake-in-hyundai-oilbank|archive-date=15 April 2019|url-status=live}}</ref> Moreover, on 11 April 2019, Aramco signed an agreement with Poland’s leading oil refiner PKN Orlen to supply it with Arabian Crude Oil.<ref>{{Cite web|url=https://www.saudiaramco.com/en/news-media/news/2019/pkn-orlen-mou|title=Aramco Trading expands collaborations in key European markets by signing Supply Agreement with "PKN Orlen", Poland's leading oil refiner|website=www.saudiaramco.com|date=11 April 2019 |language=en|access-date=15 April 2019|archive-url=https://web.archive.org/web/20190415184216/https://www.saudiaramco.com/en/news-media/news/2019/pkn-orlen-mou|archive-date=15 April 2019|url-status=live}}</ref>

=== Liquefied natural gas === Aramco is planning to be a major producer of liquefied natural gas (LNG) in the world.<ref name=":1">{{Cite news|url=https://www.bloomberg.com/news/articles/2019-04-25/saudi-aramco-sells-first-lng-as-oil-behemoth-expands-into-gas|title=Saudi Aramco Sells First LNG as Oil Behemoth Expands Into Gas|date=24 April 2019|access-date=25 April 2019|language=en|archive-url=https://web.archive.org/web/20190425203050/https://www.bloomberg.com/news/articles/2019-04-25/saudi-aramco-sells-first-lng-as-oil-behemoth-expands-into-gas|archive-date=25 April 2019|url-status=live}}</ref><ref name=":2">{{Cite web|url=https://www.businesslive.co.za/bd/companies/energy/2019-04-25-saudi-aramco-on-hunt-for-joint-ventures-sells-its-first-lng-cargo/|title=Saudi Aramco, on hunt for joint ventures, sells its first LNG cargo|website=BusinessLIVE|date=25 April 2019 |language=en-ZA|access-date=25 April 2019|archive-url=https://web.archive.org/web/20190425203049/https://www.businesslive.co.za/bd/companies/energy/2019-04-25-saudi-aramco-on-hunt-for-joint-ventures-sells-its-first-lng-cargo/|archive-date=25 April 2019|url-status=live}}</ref> It sold its first cargo of LNG from Singapore to an Indian buyer.<ref name=":1" /> The company is looking globally for potential joint ventures and partnerships to achieve its goal regarding LNG market.<ref name=":1" /><ref name=":2" />

==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." It reads, "The enterprise under this contract shall be directed and supervised by Americans who shall employ Saudi nationals as far as practicable, and in so far as the company can find suitable Saudi employees it will not employ other nationals." The first company school was started in May 1940 in the Al-Khobar home of Hijji bin Jassim, company interpreter, translator and first instructor. Al-Naimi pointed out, "From the beginning, the development of Aramco was directly tied to the betterment of Saudi Arabia." Another school was located in Dhahran in 1941, and was called the Jebel School. Boys hired into entry-level positions attended at 7&nbsp;AM for four hours, followed by four hours of work in the afternoon. In 1950, Aramco built schools for 2,400 students. In 1959, Aramco sent the first group of Saudi students to college in the States. In 1970, Aramco started hiring its first high school graduates, and in 1979 started offering college scholarships. In 1965, Zafer H. Husseini was named the first Saudi manager and in 1974, Faisal Al-Bassam was named the first Saudi vice president. One of the early students was Al-Naimi, who was named the first Saudi president of Aramco in November 1983. As Al-Naimi states, "The oil company committed itself to developing qualified Saudis to become fully educated and trained industry professionals." Al-Naimi acknowledged Thomas Barger's championing of Saudization, "You, of all of Aramco's leaders, had the greatest vision when you supported the training effort of Saudi Arab employees during its early days. That visionary support and effort is bearing fruit now and many executive positions are filled by Saudis because of that effort." In 1943, 1,600 Saudis were employed at Aramco, but by 1987, nearly two-thirds of Aramco's 43,500 strong workforce were Saudis. In 1988, Al-Naimi became CEO and Hisham Nazer became chairman, the first Saudis to hold those positions. 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 Aramco of 2016 still maintained an expatriate workforce of about 15%, so Aramco can, in the words of Al-Naimi, "be sure it is getting access to the latest innovations and technical expertise."<ref name="Ali">{{cite book|last1=Al-Naimi |first1=Ali|title=Out of the Desert|date=2016|publisher=Portfolio Penguin|location=Great Britain |isbn=9780241279250|pages=14, 26–28, 50–51, 76, 93, 109–110, 119, 122–123, 129, 143, 222}}</ref>

Saudi Aramco has emitted 59.26 billion tonnes of carbon dioxide equivalent since it began operations, accounting for 4.38% of worldwide anthropogenic {{CO2}} emissions since 1965.<ref>{{cite web|url=https://www.theguardian.com/environment/2019/oct/09/revealed-20-firms-third-carbon-emissions|title=Revealed: the 20 firms behind a third of all carbon emissions|access-date=5 May 2020|website=The Guardian|date=9 October 2019|archive-date=14 October 2019|archive-url=https://web.archive.org/web/20191014165827/https://www.theguardian.com/environment/2019/oct/09/revealed-20-firms-third-carbon-emissions|url-status=live}}</ref>

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.<ref>{{cite web|url=https://www.theguardian.com/business/2019/oct/17/banks-warned-over-saudi-aramco-by-environmental-groups|title=Banks warned over Saudi Aramco by environmental groups|access-date=17 October 2019|website=The Guardian|date=17 October 2019|archive-url=https://web.archive.org/web/20191017053905/https://www.theguardian.com/business/2019/oct/17/banks-warned-over-saudi-aramco-by-environmental-groups|archive-date=17 October 2019|url-status=live}}</ref>

On 6 November 2019, Saudi Aramco joined the World Bank's initiative to reduce gas flaring to zero by 2030. The firm reported flaring of less than 1% of its total raw gas production in the first half of 2019.<ref>{{cite web|url=https://africazine.com/saudi-aramco-joins-initiative-to-reduce-flaring-to-zero-by-2030/|title=Saudi Aramco joins initiative to reduce flaring to zero by 2030|access-date=6 November 2019|website=Africazine|date=6 November 2019 |archive-url=https://web.archive.org/web/20191107135509/https://africazine.com/saudi-aramco-joins-initiative-to-reduce-flaring-to-zero-by-2030/|archive-date=7 November 2019|url-status=live}}</ref>

== Greenhouse gas emissions == According to environmentalists, Aramco is responsible for more than 4% of global greenhouse gas emissions since 1965. Most of this is from the use of the oil they sold, for example burning gasoline in car engines. In greenhouse gas accounting such emissions from use of a product are called "scope 3" emissions. Aramco has no plan to limit scope 3 emissions. However the government says it will have net zero carbon emissions by 2060 within the country.<ref>{{Cite magazine |date=2022-09-01 |title=Inside Top Oil Exporter Saudi Arabia's Plan to Go Green |url=https://time.com/6210210/saudi-arabia-aramco-climate-oil/ |access-date=2023-05-02 |magazine=Time |language=en |archive-date=19 January 2024 |archive-url=https://web.archive.org/web/20240119200908/https://time.com/6210210/saudi-arabia-aramco-climate-oil/ |url-status=live }}</ref> In October 2023, Saudi Aramco announced a direct air capture pilot programme in partnership with Siemens Energy to be completed in 2024.<ref>{{cite news|last=Picciotto|first=Rebecca|date=October 9, 2023|title=Saudi oil giant Aramco announces pilot project to suck CO2 out of the air, but some scientists are skeptical|publisher=CNBC|url=https://www.cnbc.com/2023/10/09/aramco-siemens-energy-launch-direct-air-capture-project-.html|access-date=October 9, 2023|archive-date=9 October 2023|archive-url=https://web.archive.org/web/20231009203908/https://www.cnbc.com/2023/10/09/aramco-siemens-energy-launch-direct-air-capture-project-.html|url-status=live}}</ref>

On 9 December, 2024, Aramco along with SLB and Linde signed an agreement to build a carbon capture and storage project in Jubail, Saudi Arabia. Aramco will be owning 60% of the project while SLB and Linde will hold 20% each.<ref>{{Cite news |date=December 4, 2024 |title=Aramco, SLB and Linde plan to build carbon capture project |url=https://www.reuters.com/sustainability/climate-energy/aramco-slb-linde-plan-build-carbon-capture-project-2024-12-04/}}</ref> The first phase has been estimated to be completed by the end of 2027, while capturing and storing up to 9 million metric tons of carbon dioxide each year,<ref>{{Cite web |date=2024-12-04 |title=Aramco, Linde, and SLB partner on major carbon capture hub in Jubail |url=https://www.arabnews.com/node/2581749/business-economy |access-date=2024-12-06 |website=Arab News |language=en}}</ref> or about one half of one percent of its scope 3 emissions.

== Controversies ==

=== 2007 Haradh gas pipeline explosion === {{Main|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.<ref>{{Cite news |date=2007-11-18 |title=Saudi gas pipeline fire kills 28 |language=en |work=Reuters |url=https://www.reuters.com/article/us-saudi-gas-fire-idUSL1839219720071118 |access-date=2022-03-09 |archive-date=9 March 2022 |archive-url=https://web.archive.org/web/20220309135528/https://www.reuters.com/article/us-saudi-gas-fire-idUSL1839219720071118 |url-status=live }}</ref><ref>{{Cite web |date=2012-03-02 |title=Saudi Gazette - Al-Hawiya fire fatwa permits burial of non-Muslims |url=http://www.saudigazette.com.sa/index.cfm?method=home.regcon&contentID=2009060640090 |access-date=2022-03-09 |archive-url=https://web.archive.org/web/20120302081440/http://www.saudigazette.com.sa/index.cfm?method=home.regcon&contentID=2009060640090 |archive-date=2 March 2012 |url-status=dead}}</ref> Aramco asserts it was a purely maintenance-related incident.

=== Organisational culture === On 9 December 2020, the Financial Times published an article about an engineer, whose family claims that Saudi Aramco was negligent in handling his COVID-19 infection.<ref name=":6">{{Cite news |last=Sheppard |first=David |date=2020-12-10 |title=Missiles, bullying claims, a tragic death: what's going on at Saudi Aramco? |work=Financial Times |url=https://www.ft.com/content/34242eae-0f43-4da7-a826-f5246495cd20 |access-date=2022-03-09 |archive-date=9 March 2022 |archive-url=https://web.archive.org/web/20220309112725/https://www.ft.com/content/34242eae-0f43-4da7-a826-f5246495cd20 |url-status=live }}</ref> According to his family, he had been asking the company and authorities for help, three weeks before his death, but was simply asked to keep his gloves and mask on. Saudi Aramco did not formally contact his family until approximately 14 hours after his death, refused to release his body, and allegedly erased information from his mobile phone. His grieving family had to do without financial support for almost five months, and only received $400,000 in benefits, back pay and insurance after the Financial Times had started asking questions.

In the same article, five whistleblowers accuse Aramco of bullying and mismanagement.<ref name=":6" /> One former employee expressed his concerns about the company's highly dangerous failure to pressure-test valves and mains units, detailing cracks in the refinery structure and sinking of roads and foundations. The refinery runs a real risk of becoming Aramco's Piper Alpha, said another expatriate employee, who also accuses Aramco of lacking a culture of challenge, facilitating ineptitude and laziness.

=== Treatment of workers === In March 2020, Saudi Aramco came under fire after photos of a migrant worker dressed as a large hand-sanitiser dispenser went viral on social media.<ref>{{Cite web |title=Saudi Aramco slammed over migrant worker dressed as sanitiser |url=https://www.aljazeera.com/news/2020/3/11/saudi-aramco-slammed-over-migrant-worker-dressed-as-sanitiser |access-date=2022-03-09 |website=www.aljazeera.com |language=en |archive-date=9 March 2022 |archive-url=https://web.archive.org/web/20220309084453/https://www.aljazeera.com/news/2020/3/11/saudi-aramco-slammed-over-migrant-worker-dressed-as-sanitiser |url-status=live }}</ref> People on Twitter condemned the act as "modern-day slavery," "humiliating" and "dehumanizing."<ref name=":5">{{Cite web |title=Saudi oil company apologizes for dressing migrant worker as human sanitizer dispenser amid coronavirus outbreak |url=https://abcnews.go.com/Politics/saudi-oil-company-apologizes-dressing-migrant-worker-human/story?id=69534120 |access-date=2022-03-09 |website=ABC News |language=en |archive-date=9 March 2022 |archive-url=https://web.archive.org/web/20220309084453/https://abcnews.go.com/Politics/saudi-oil-company-apologizes-dressing-migrant-worker-human/story?id=69534120 |url-status=live }}</ref> According to the company, the display was organised without the approval of Aramco officials.<ref name=":5" /><ref>{{Cite news|url=https://www.ft.com/content/34242eae-0f43-4da7-a826-f5246495cd20|title=Missiles, bullying claims, a tragic death: What's going on at Saudi Aramco?|newspaper=Financial Times|date=10 December 2020|last1=Sheppard|first1=David|access-date=9 March 2022|archive-date=9 March 2022|archive-url=https://web.archive.org/web/20220309112725/https://www.ft.com/content/34242eae-0f43-4da7-a826-f5246495cd20|url-status=live}}</ref>

=== Strong-arming investors === In 2019, sources told the Financial Times that wealthy families of Saudi Arabia had been coerced into joining the Saudi Aramco IPO.<ref>{{Cite news |last1=Sheppard |first1=David |last2=Kerr |first2=Simeon |last3=Raval |first3=Anjli |date=2019-09-20 |title=Saudi Arabia 'bullies' wealthy families to pump cash into oil IPO |work=Financial Times |url=https://www.ft.com/content/e9fe2862-dada-11e9-8f9b-77216ebe1f17 |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/e9fe2862-dada-11e9-8f9b-77216ebe1f17 |archive-date=10 December 2022 |url-access=subscription |url-status=live |access-date=2022-03-09}}</ref><ref>{{Cite web |title=Wealthy Saudis Are Being Bullied Into Buying Aramco |url=https://oilprice.com/Energy/Energy-General/Wealthy-Saudis-Are-Being-Bullied-Into-Buying-Aramco.html |access-date=2022-03-09 |website=OilPrice.com |language=en |archive-date=17 January 2022 |archive-url=https://web.archive.org/web/20220117115527/http://oilprice.com/Energy/Energy-General/Wealthy-Saudis-Are-Being-Bullied-Into-Buying-Aramco.html |url-status=live }}</ref>

== Lobbying and research projects ==

Saudi Aramco has funded almost 500 studies in last five years on energy issues and collaborated with the United States Department of Energy on projects to boost oil production, such as developing more efficient gasoline, enhanced oil recovery and methods to increase the flow of oil from wells. Since 2016, Saudi Arabia has spent around $140 million on lobbying to influence public opinion and policies in the US. In an effort to keep gasoline cars competitive, Saudi Aramco is working on a device which would trap some of the carbon dioxide upon attaching it to cars running on gasoline. Saudi Aramco has partnered with Hyundai to develop a fuel for gas-electric vehicles which will run on petroleum.<ref>{{cite news |last1=Tabuchi |first1=Hiroko |author-link=Hiroko Tabuchi |title=Inside the Saudi Strategy to Keep the World Hooked on Oil |url=https://www.nytimes.com/2022/11/21/climate/saudi-arabia-aramco-oil-solar-climate.html |access-date=2022-11-24 |work=The New York Times |date=2022-11-21 |archive-date=24 November 2022 |archive-url=https://web.archive.org/web/20221124152724/https://www.nytimes.com/2022/11/21/climate/saudi-arabia-aramco-oil-solar-climate.html |url-status=live }}</ref>

==Publication== * ''Aramco World'' magazine, formerly ''Saudi Aramco World''

== See also == {{Portal|Saudi Arabia|Energy|Companies}} {{div col|colwidth=}} * Abqaiq * AMR GP (a Formula 1 team with Aramco as its main sponsor) * Aramco Financial Services Company * Aramco Training Services Company * ''Discovery! The Search for Arabian Oil'' * Ghawar * Golden gimmick * Hui-Hai Liu * List of oil fields: All of those located in Saudi Arabia are owned by Saudi Aramco. * Max Steineke * Shamoon * Thomas Barger * List of largest companies of Saudi Arabia * List of public corporations by market capitalization * Saudi Aramco Residential Camp in Dhahran * Ras Tanura * Shaybah * Udhailiyah * Yanbu {{div col end}}

==References==

{{Reflist}}

==Bibliography== * {{cite book|title=America's Kingdom: Mythmaking on the Saudi Oil Frontier|last=Vitalis|first=Robert|year=2006|publisher=Stanford University Press|location=Stanford|isbn=978-0-8047-5446-0|url=https://archive.org/details/americaskingdomm00vita|url-access=registration}}

==External links== {{Commons category|Saudi Aramco}} * {{Official website}} * [http://www.aramcoservices.com Aramco Services Co. website] (Saudi Aramco's U.S. subsidiary) * [http://www.indexmundi.com/energy.aspx?country=sa&product=oil&graph=production Saudi Arabia's crude oil production chart (1980–2004)] (data sourced from the U.S. Department of Energy) * [http://www.cbsnews.com/video/watch/?id=4653109n CBS 60 Minutes (2008-12-07) "The Oil Kingdom: Part One"] * [http://www.cbsnews.com/video/watch/?id=4653129n CBS 60 Minutes (2008-12-07) "The Oil Kingdom: Part Two"]

{{Petroleum industry}} {{Saudi Arabia topics}} {{Saudi Arabia–United States relations}} {{Authority control}}

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