Saudi Aramco – The Largest oil corporation in the world

Saudi Aramco, Saudi Aramco Largest oil corporation in the world,Largest oil

Saudi Aramco, the Saudi Arabia owned national oil company of Saudi Arabia, is the largest oil corporation in the world and the world’s largest in terms of proven crude oil reserves and production. Headquartered in Dhahran, Saudi Arabia, Saudi Aramco also operates the world’s largest single hydrocarbon network, the Master Gas System.

In the year 1933 Saudi Arabia grants oil concession to California Arabian Standard Oil Company (Casoc), affiliate of Standard Oil of California (Socal, today’s Chevron). Oil prospecting begins on Kingdom’s east coast.

In 2006 the company controlled proved oil reserves of about 259.9 billion barrels. It produces 8.9 million barrels a day, operates refineries, markets oil internationally, and distributes it domestically.

Aramco also owns 248.5 trillion cu. ft. of natural gas reserves. The company dates back to 1933, when Saudi Arabia agreed to open up a large area for exploration by Standard Oil of California (now Chevron).

In 2008 Saudi Aramco celebrates the 75th anniversary.

Timeline Details Saudi Aramco website

Reference – wiki

Leave a Reply

Your email address will not be published. Required fields are marked *