May 29, 1933 CE
CASOC Concession Agreement
Saudi Arabia signs a concession agreement with Standard Oil of California (Socal), granting oil exploration rights. The California Arabian Standard Oil Company (CASOC) is formed. #oil #history
Chronological Storyline (36 Milestones)
1936 CE
Texas Company Joins CASOC
The Texas Company (later Texaco) acquires a 50% stake in CASOC, providing additional capital for exploration. #oil #history
Mar 4, 1938 CE
First Commercial Oil Discovery
CASOC strikes oil at Dammam Well No. 7 in Dhahran, leading to the discovery of the massive Ghawar field. #oil #history
Jan 31, 1944 CE
CASOC Renamed to Aramco
The company is renamed the Arabian American Oil Company (Aramco), reflecting its U.S. partnerships. #oil #history
1950 CE
First Offshore Exploration
Aramco begins offshore oil exploration in the Persian Gulf, leading to discoveries like Safaniya. #oil #energy
1951 CE
Ras Tanura Refinery Expansion
The Ras Tanura refinery, commissioned in 1945, expands to become one of the world's largest. #oil #industry
1957 CE
Saudi Government Acquires 25% Stake
Under King Saud, the Saudi government negotiates a 25% participation in Aramco's profits, a step toward nationalization. #oil #history
Jan 1, 1973 CE
Saudi Government Acquires 25% Equity
Following negotiations, Saudi Arabia acquires a 25% stake in Aramco, effective January 1, 1973. #oil #business
Jun 1, 1974 CE
Saudi Government Increases Stake to 60%
The Saudi government raises its ownership to 60%, gaining majority control of Aramco. #oil #history
1976 CE
Saudi Government Acquires Full Ownership
The Saudi government completes the nationalization of Aramco, acquiring 100% ownership. #oil #history
1980 CE
Aramco Assumes Full Control of Operations
Saudi Arabia takes operational control, with former U.S. partners serving as contractors. #oil #energy
Nov 8, 1988 CE
Saudi Aramco Established
King Fahd issues a decree officially establishing Saudi Arabian Oil Company (Saudi Aramco) to replace Aramco. #oil #history
1993 CE
Saudi Aramco Takes Over Domestic Refining
Saudi Aramco assumes responsibility for refining and marketing in Saudi Arabia, integrating downstream operations. #oil #business
1998 CE
First International Joint Venture: S-Oil
Saudi Aramco acquires a stake in South Korea's S-Oil, marking its entry into Asian refining. #oil #energy
2000 CE
Master Gas System Expansion
Saudi Aramco completes expansion of the Master Gas System to process associated gas from oil fields. #energy #technology
2004 CE
Abdullah S. Jum'ah Becomes CEO
Abdullah Jum'ah is appointed CEO, overseeing major global expansions and gas initiatives. #leadership #oil
2005 CE
PetroRabigh Refinery Project
Saudi Aramco partners with Sumitomo Chemical to build the PetroRabigh refinery and petrochemical complex. #oil #chemicals
Jan 1, 2009 CE
Khalid al-Falih Appointed CEO
Khalid al-Falih becomes CEO, later serving as Minister of Energy and leading Vision 2030. #leadership #oil
By World Economic Forum from Cologny, Switzerland - Khalid A. Al Falih - World Economic Forum Annual Meeting 2012, CC BY-SA 2.0, https://commons.wikimedia.org/w/index.php?curid=18180158
2010 CE
Manifa Oil Field Development
Saudi Aramco begins development of the Manifa offshore oil field, one of the world's largest. #oil #energy
2011 CE
Saudi Aramco Joins Carbon Capture Initiative
Saudi Aramco participates in the Global Carbon Capture and Storage Institute, advancing CCS technology. #environment #energy
2012 CE
Saudi Aramco Acquires Stake in Fujian Refinery
Saudi Aramco enters China's refining market via a joint venture in Fujian. #oil #business
2014 CE
Saudi Aramco Becomes World's Most Valuable Oil Company
Saudi Aramco surpasses ExxonMobil in market value, driven by vast reserves and low production costs. #oil #finance
Sep 1, 2015 CE
Amin Nasser Appointed CEO
Amin Nasser becomes CEO, overseeing the company's IPO and diversification efforts. #leadership #oil
By Iwaswiki - Own work, CC BY-SA 4.0, https://commons.wikimedia.org/w/index.php?curid=163240730
Apr 25, 2016 CE
Vision 2030 Announced
Saudi Arabia unveils Vision 2030, aiming to diversify the economy with Saudi Aramco's IPO as a key component. #economics #energy
2017 CE
Saudi Aramco Acquires 50% of Petronas Refinery
Saudi Aramco buys a 50% stake in Petronas' Pengerang refinery in Malaysia, expanding Southeast Asian presence. #oil #business
Oct 2, 2018 CE
Saudi Aramco Reaches $2 Trillion Valuation Goal
Saudi Crown Prince Mohammed bin Salman announces the company's valuation target ahead of the IPO. #finance #oil
Sep 14, 2019 CE
Attack on Abqaiq and Khurais Facilities
Drone strikes on Saudi Aramco's oil facilities temporarily halve the kingdom's output, highlighting vulnerability. #security #oil
By VOA - https://www.voanews.com/middle-east/iran-threatens-war-oil-prices-spike, Public domain, https://commons.wikimedia.org/w/index.php?curid=82212355
Dec 11, 2019 CE
Saudi Aramco IPOs on Tadawul
Saudi Aramco's IPO on the Saudi Stock Exchange (Tadawul) raises $25.6 billion, becoming the largest IPO in history. #finance #IPO
Mar 10, 2020 CE
Saudi Aramco Launches Share Trading
Shares begin trading on Tadawul, with the stock price quickly reaching its daily limit. #finance #IPO
Jul 1, 2020 CE
Non-Oil Dividend Payout Amid Pandemic
Saudi Aramco maintains its $75 billion dividend promise despite low oil prices during COVID-19. #finance #oil
Dec 1, 2021 CE
Saudi Aramco Exceeds $2 Trillion Market Cap
Shares rise to make Saudi Aramco the second publicly traded company to exceed $2 trillion (after Apple). #finance #oil
Feb 1, 2022 CE
Saudi Aramco Plans Hydrogen Production
The company announces plans to produce blue hydrogen from natural gas as part of its energy transition. #energy #hydrogen
May 1, 2023 CE
Saudi Aramco Acquires Valvoline Global Products
Aramco completes acquisition of Valvoline's global products business for $2.65 billion, expanding lubricants. #oil #business
Sep 1, 2023 CE
Saudi Aramco Invests in Autonomous Vehicles
Aramco's venture capital arm invests in U.S. autonomous vehicle company to diversify into technology. #tech #investment
Jan 1, 2024 CE
Saudi Aramco Ordered to Maintain Capacity
Saudi government instructs Aramco to keep maximum sustainable capacity at 12 million bpd, abandoning expansion plans. #oil #policy
Jun 2, 2024 CE
Secondary Public Offering on Tadawul
Saudi government sells a 0.64% stake in Saudi Aramco through a secondary offering, raising $11.2 billion. #finance #IPO