Skip to content Skip to Search
Skip navigation

Saudi Aramco: The rise of an oil giant

Saudi Aramco
The drilling crew at Damman Well in 1937

1933: Oil concession agreement signed

1935: The first test well is drilled into the Dammam Dome

1939: First tanker load of petroleum exported

1949: Oil production hits 500,000 bpd

1958: Oil production exceeds 1 million bpd annually

1962: Crude oil production hits 5 billion barrels

1976: First to produce more than 3 billion barrels of oil in a year

1980: Saudi government concludes purchase of Aramco

1996: First European joint venture

2000: Research & Development Centre opens

2009: Petro Rabigh, its first petrochemical plant, begins production

2019: Aramco becomes a public company with shares listed on Tadawul

2020: Aramco acquires a 70% stake in Saudi Basic Industries Corporation (SABIC)

2022: Aramco overtakes US tech giant Apple as the world’s most valuable company

Latest articles

Gulf bank rates

Gulf banks face margin squeeze as funding costs rise

Gulf banks are likely to offer more attractive rates on savings accounts to woo depositors, putting more pressure on lenders’ already tight net interest margins, a report suggests. The move towards higher interest rates for savers is predicted to become more pronounced as expectations of imminent rate cuts by the US Federal Reserve fade. Benchmark interest […]

Mubadala Investment Company CEO Khaldoon Khalifa Al Mubarak. The Abu Dhabi wealth fund is selling some GlobalFoundaries shares two years after the US company went public

Mubadala trims stake in US chipmaker GlobalFoundries

Abu Dhabi sovereign wealth fund Mubadala Investment Company is offloading some of its holdings in chipmaker GlobalFoundries.  A Mubadala subsidiary is offering to sell $950 million worth of GlobalFoundries shares, two years after the US semiconductor manufacturer went public on Nasdaq. Mubadala Technology Investment Company will receive the funds from the secondary public offering, which […]

Saudi arabia water

$4bn set aside for Saudi water projects

Saudi Arabia will spend $4 billion by the end of the decade on recycling over 2 billion cubic metres of water, about 70 percent of the country’s renewable water sources, an official said this week.  Speaking at the World Water Forum in Indonesia, Mohammed bin Zaid Abuhid, head of the General Authority for Irrigation, outlined […]

Cigarette sellers in Aswan, Egypt. US company Philip Morris says it wants to give smokers in Egypt 'better options than cigarettes'

US cigarette giant buys slice of Egyptian rival

The American tobacco giant Philip Morris International (PMI) has acquired a minority stake in Egypt’s largest cigarette manufacturer. PMI, which owns brands such as Marlboro, L&M, Merit and Parliament and is the world’s top tobacco company by market value, has bought 14.7 percent of Egypt’s Eastern Company, which also includes cigars and pipe tobacco in […]