- Business
- Saudi Arabian Oil Company (Aramco), founded in 1933 and headquartered in Dhahran, Saudi Arabia, stands as one of the world's largest integrated energy and chemicals companies, managing vast hydrocarbon reserves of approximately 250 billion barrels of oil equivalent and operating in over 50 countries worldwide. The company engages in upstream exploration, development, and production of crude oil (including key grades such as Arab Heavy, Arab Medium, Arab Light, Extra Light Arab, and Arab Super Light), condensate, natural gas, and natural gas liquids from major fields like Ghawar (world's largest onshore) and Safaniya (world's largest offshore); downstream refining, petrochemicals production with a capacity of 57.6 million tons annually encompassing aromatics, olefins, polyolefins, polyols, isocyanates, and synthetic rubber via its 70% stake in SABIC; and midstream activities including gas distribution through extensive pipeline networks, liquefied natural gas (LNG) development, power generation, base oils, lubricants, retail services, and trading across primary markets in Asia, Europe, and North America. Aramco maintains a workforce exceeding 75,000 employees and reported natural gas production of 10.8 billion standard cubic feet per day in 2024, underscoring its role as a low-cost leader in global energy supply under oversight from Saudi Arabia's Ministry of Energy. Recent developments include the completion of an $11.1 billion Jafurah midstream lease-and-leaseback deal with a BlackRock-led consortium in 2025 to support unconventional gas expansion; announcement of 17 memoranda of understanding and agreements worth over $30 billion with U.S. companies in November 2025 focused on LNG, financial services, advanced materials, and procurement; plans to acquire a significant minority stake in AI firm HUMAIN from Saudi Arabia's Public Investment Fund; upward revision of its 2030 sales gas production capacity target to around 80% growth over 2021 levels; and establishment of Fujian Sinopec Aramco Refining & Petrochemical Co. Ltd. to advance Downstream integration.