Saudi Aramco is 85 years\nold. The Saudi state-owned oil company is the largest in the world, helping the\nkingdom maintain its position as the biggest exporter of crude oil.<\/p>\n\n\n\n
Riyadh is looking to\nacquire part of the public company, so this IPO might be the largest in history.<\/p>\n\n\n\n
Timeline<\/strong> of the Saudi oil giant<\/strong><\/p>\n\n\n\n 1933<\/strong> – Saudi Aramco is\ncreated as part of an agreement\nbetween Saudi Arabia and the California-based Socal Oil Company. This\nagreement, like many of the agreements granted to the major US and British oil\ncompanies at the time, gave it the exclusive right to explore and extract oil\non Saudi soil.<\/p>\n\n\n\n 1944<\/strong> – The name of California Arabian Standard Oil\nCompany was changed to the Arabian American Oil Company, or as\nit is commonly known nowadays, Aramco. It was run by a group of US oil companies including the former Chevron,\nTexaco and Exxon Mobil companies.<\/p>\n\n\n\n 1960<\/strong> – After the creation of OPEC, Saudi Arabia and\nmany oil-producing countries began to nationalize their natural resources.<\/p>\n\n\n\n 1980<\/strong> – The Saudi government completes the acquisition of Aramco’s assets, which ultimately led to the\nestablishment of the Saudi Arabian Oil Company in 1988.<\/p>\n\n\n\n 2012<\/strong> – Aramco releases a new trading arm that will reportedly buy and sell around 1.5 million barrels of\nchemicals and polymer products every day. This feature\nwill help the\ncompany keep more of those\nrevenues at home by reducing their dependence on outside traders.<\/p>\n\n\n\n 2016<\/strong> – Deputy Crown Prince Mohammed bin Salman declares that he is thinking about listing the\nshares of the state-owned company and selling about 5% of this company,\nin an attempt to build a large\nsovereign fund.<\/p>\n","protected":false},"excerpt":{"rendered":" Saudi Aramco is 85 years old. The Saudi state-owned oil company is the largest in the world, helping the kingdom maintain its position as the biggest exporter of crude oil. Riyadh is looking to acquire […]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":919,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[30],"tags":[93,90,42,36,48,24,41,44,72,45],"_links":{"self":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1160"}],"collection":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/comments?post=1160"}],"version-history":[{"count":1,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1160\/revisions"}],"predecessor-version":[{"id":1161,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1160\/revisions\/1161"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/media\/919"}],"wp:attachment":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/media?parent=1160"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/categories?post=1160"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/tags?post=1160"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}