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Saudi Aramco (ARAMCO) – Introduction and background |
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Saudi Aramco, officially known as the Saudi Arabian Oil Group or simply Aramco, is a public petroleum and natural gas company based in Dhahran, the Kingdom of Saudi Arabia. It is the second largest company in the world by revenue, and it has repeatedly achieved the largest annual profits in global corporate history.
Founded in 1933, Saudi Aramco operates as an integrated energy and chemical company, through two main segments: Upstream and Downstream. The Upstream segment explores, develops, and produces crude oil, condensate, natural gas, and natural gas liquids (NGLs), while the Downstream segment produces various chemicals, including olefins, methanol, and more. Saudi Aramco also distributes hydrocarbons, petroleum products, and trades crude oil, refined petroleum, and liquid chemical products. Additionally, the company provides other services, including but not limited to consulting, sales support, and transportation services.
Saudi Aramco’s IPO took place on the Saudi Arabian Stock Exchange (Tadāwul) in December 2019, pricing its offering at 32 Saudi riyals (approximately 8.53USD at the time) per share. The company raised 25.6 billion USD, making it the world’s largest IPO. Ever since, the company has enjoyed stellar performance in revenue, with record profits eclipsing numbers posted by ExxonMobil and Shell in 2023.
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