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Last Updated:
2024-09-22 08:21:10

Saudi Aramco

State-owned oil company of Saudi Arabia
State-owned oil company of Saudi Arabia

Saudi Aramco, officially known as the Saudi Arabian Oil Group, is one of the largest companies globally. It holds the world's second-largest proven crude oil reserves and operates the largest single hydrocarbon network. The company has achieved significant profits and is a key player in the global oil industry.

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1932-05-30
Oil Discovery in Bahrain

On May 30, 1932, Standard Oil of California (SoCal) struck oil in Bahrain, sparking increased interest in the oil potential of the Arabian mainland.

1933-05-29
Concession Granted to SoCal

On May 29, 1933, the Saudi Arabian government granted a concession to Standard Oil of California (SoCal) to explore for oil in Saudi Arabia, giving rise to the exploration efforts in the region.

1937-03-04
Oil Strike at Dammam Well No. 7

The drilling crew of Dammam Well No. 7 struck oil in commercial quantities on March 4, 1937 or 1938, three years after drilling for oil began in 1935.

1938-01-31
Company Name Changed to Aramco

On January 31, 1938, the company name was changed from California-Arabian Standard Oil Co. to Arabian American Oil Co. (or Aramco), marking a significant milestone in the company's history.

1938-03-04
Discovery of Oil in Saudi Arabia

On March 4, 1938, a significant amount of oil was discovered in Saudi Arabia, leading to the country's emergence as an international oil producer. This discovery marked the beginning of Saudi Arabia's transformation into one of the world's most important energy centers.

1939-05-01
First Export Shipment of Crude Oil from Saudi Arabia

On May 1, 1939, King ‘Abd al-’Aziz opened the valve that loaded the first export shipment of crude oil from Saudi Arabia, marking a significant milestone in the country's oil industry.

1960-08-09
Chairman of Standard Oil of New Jersey unilaterally shaved off oil price

On August 9, 1960, the chairman of Standard Oil of New Jersey unilaterally shaved 14¢ off the posted price, aiming to increase competitiveness in Europe vis-a-vis Soviet crude exports.

1993-07-01
Merger of Saudi Aramco with Samarec

The Saudi government issued a royal decree merging Saudi Aramco with Samarec, the country's oil refining company, in order to have only one company dealing with oil production.

1951
Discovery of Safaniyah oil field

In 1951, the Safaniyah field, the world's largest offshore oil field, was discovered after two years of exploration in the shallow Arabian Gulf waters.

2007-11-18
Haradh Gas Pipeline Explosion

On 18 November 2007, a natural gas pipeline explosion resulted in the tragic loss of 34 workers. Aramco claimed it was a maintenance-related incident, sparking controversy and concerns about safety measures within the company.

2012-08-15
Aramco Computer Virus Attack

On 15 August 2012, Saudi Aramco's computers were attacked by the Shamoon virus, causing significant disruption. The group 'Cutting Sword of Justice' claimed responsibility for the attack, which impacted 30,000 workstations and led to months of service restoration. The attack was capable of wiping files and rendering computers unusable.

2017-04-26
Aramco Oil Distribution Center Attack Thwarted

On 26 April 2017, Saudi security forces thwarted an attempted attack on an Aramco oil distribution center involving an unmanned boat from Yemen. This event marked the successful prevention of a potential attack on Aramco's infrastructure.

2017-11-06
Expansion of Gas Processing Facilities

Improvements are being made to sustain gas production from the Haradh and Hawiyah fields for the next 20 years and boost production by an average of 1.2 BSCFD. The program includes installing gas compression facilities, liquid separation stations, and transmission lines to the Haradh and Hawiyah gas plants, along with expanding the existing gas gathering pipeline network.

2018-12-31
Discovery of Ghawar Field Reserves

The Ghawar field is confirmed to hold the largest conventional proved reserves, totaling 58.32 billion barrels of oil equivalent as of December 31, 2018. It has played a significant role in the Kingdom's crude oil production.

2019-04-09
Aramco Issues Bonds Valued at US$12 Billion

On April 9, 2019, Aramco issued bonds collectively valued at US$12 billion, receiving more than US$100 billion in orders from foreign investors, breaking records for a bond issue by an emerging market entity.

2019-04-11
Aramco Agreement with PKN Orlen

On April 11, 2019, Aramco signed an agreement with Poland’s leading oil refiner PKN Orlen to supply it with Arabian Crude Oil.

2019-09-14
Drone Attack on Saudi Aramco Plants

On 14 September 2019, Houthi rebels carried out a drone attack on two Saudi Aramco plants, resulting in a significant reduction of Saudi crude output. The attack cut over 5% of the world's oil supply and led to discussions about postponing Aramco's IPO.

2019-11-03
Saudi Aramco IPO Raised to Record $29.4 Billion

Saudi Aramco raised its initial public offering to a record $29.4 billion by over-allotment of shares, making it the largest IPO in history.

2019-11-06
Saudi Aramco Joined World Bank's Initiative to Reduce Gas Flaring

On November 6, 2019, Saudi Aramco joined the World Bank's initiative to reduce gas flaring to zero by 2030, demonstrating its commitment to environmental sustainability.

2019-11-09
Release of Saudi Aramco IPO Prospectus

On November 9, 2019, Saudi Aramco released a 600-page prospectus giving details of the IPO, with up to 0.5% of the shares locked for individual retail investors.

2019-12-04
Saudi Aramco Prices IPO Offering

On December 4, 2019, Saudi Aramco priced its offering at 32 Saudi riyals per share, raising US$25.6 billion in its IPO, making it the world's largest IPO at the time.

2019-12-11
Saudi Aramco Commences Trading on Tadawul

On December 11, 2019, Saudi Aramco commenced trading on Tadawul, with shares rising 10% and making it the world's largest listed company.

2020-03-10
Saudi Aramco's Global Partnership with Formula One

On 10 March 2020, Saudi Aramco announced a global partnership with Formula One, securing a multi-year deal.

2020-06-17
Saudi Aramco's Acquisition of 70% Share in SABIC

On 17 June 2020, Saudi Aramco acquired a 70% share in SABIC, a chemicals manufacturing company.

2020-07-31
Saudi Aramco Loses Title as World's Largest Listed Company

On 31 July 2020, Saudi Aramco lost its title as the world’s largest listed company by market capitalization to Apple.

2020-08-09
Saudi Aramco Reports 50% Fall in Net Income

On 9 August 2020, Saudi Aramco reported a 50% fall in net income for the first half of its financial year, attributed to the continued fall in oil demand and prices due to the coronavirus crisis.

2020-11-03
Saudi Aramco Reports 44.6% Drop in Third-Quarter Net Profit

On 3 November 2020, Saudi Aramco reported a 44.6% drop in third-quarter net profit amid the COVID-19 pandemic.

2020-12-14
Attack on Saudi Aramco Oil Tanker

On 14 December 2020, an oil tanker carrying over 60,000 metric tons of unleaded gasoline from an Aramco refinery at Yanbu was attacked by a smaller boat rigged with explosives.

2020-12-31
Saudi Aramco's Reserves

As of December 31, 2020, Saudi Aramco's reserves consisted of 255.2 billion barrels, including 198.8 billion of crude oil, 25.2 billion of natural gas liquids, and 191.6 trillion standard cubic feet of natural gas.

2021-03-19
Drone Attack on Aramco Refinery

On 19 March 2021, an Aramco refinery was attacked by six bomb-laden drones, claimed by Houthi rebels, causing a fire but no injuries or damage.

2021-03-21
Saudi Aramco's Agreement to Secure China's Energy Supplies

On 21 March 2021, Saudi Aramco signed an agreement to secure China's energy supplies for the next 50 years and develop new technologies to combat climate change.

2021-10-13
Moody's Completes Periodic Review of Saudi Aramco Ratings

Moody's announced the completion of a periodic review of ratings of Saudi Aramco, indicating the ongoing evaluation of the company's creditworthiness and financial stability.

2021-11-20
Houthi Fighters' Attack on Aramco's Refineries

On 20 November 2021, Houthi fighters took credit for launching 14 drones at military targets and Aramco's refineries, causing significant impact.

2022-05-11
Saudi Aramco Becomes World's Largest Company by Market Cap

On May 11, 2022, Saudi Aramco surpassed Apple Inc. to become the largest (most valuable) company in the world by market cap.

2023-10-09
Aramco Advances Development of Emissions Reduction Solutions

Aramco is actively working on solutions to reduce emissions, aiming to achieve net-zero greenhouse gas emissions by 2050 for its wholly-owned and operated assets.

2023-11-07
Aramco Announces Third Quarter 2023 Results

Aramco revealed its financial performance for the third quarter of 2023, showcasing strong earnings and continued progress in its growth strategy.

2024-02-07
Saudi Aramco in investment discussions with Indian companies - exec

As of February 7, 2024, Reuters reported that Saudi Aramco is in investment discussions with Indian companies, as stated by an executive.

2024-02-09
Saudi Arabia poised for new Aramco share sale -sources

Reuters mentioned on February 9, 2024, that Saudi Arabia is poised for a new Aramco share sale, according to sources.

2024-02-12
Saudi Aramco starts trading US crude that helps set Brent oil benchmark

On February 12, 2024, Reuters reported that Saudi Aramco started trading US crude, which contributes to setting the Brent oil benchmark.

2024-02-20
Saudi Aramco likely to issue a bond in 2024, CFO says

According to Reuters on February 20, 2024, the CFO of Saudi Aramco stated that the company is likely to issue a bond in 2024.

2024-02-23
Aramco oil field upgrade tenders shelved

Aramco has decided to postpone a number of oil field upgrade tenders.

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Saudi Aramco
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