Saudi Arabian Oil Co., commonly known as Saudi Aramco, operates oil and gas fields, petroleum refineries, and petrochemical plants with assets in Saudi Arabia and the United States. Subsidiaries include Motiva Enterprises. Operations are organized into three business units: Upstream, Domestic Downstream, and International Downstream. The company is wholly owned by the Kingdom of Saudi Arabia and the royal family with common shares listed on the Tadawul (2222) exchange.
Chevron predecessor Standard Oil of California (SOCAL) was granted a concession by the Saudi Arabian government in 1933 after discovering oil in Bahrain in 1932. SoCal formed subsidiary California-Arabian Standard Oil Co. (CASOC) to drill exploration wells. Texaco purchased a 50% stake in CASOC in 1936, and a significant discovery was made in 1938. CASCO was renamed Arabian American Oil Co. (Aramco) in 1944. Exxon predecessor Standard Oil of New Jersey bought a 30% interest in Aramco in 1948 with Mobil predecessor Socony Vacuum taking a 10% share. In 1950, King Abdulaziz used the threat of nationalization to pressure Aramco into giving 50% of the profits to Saudi Arabia.
Saudi Arabia acquired a 25% interest in Aramco in 1973 which was increased in 60% the following year. The Saudi government acquired the remaining 40% in 1980, and Aramco became Saudi Arabian Oil Co. in 1988 by royal decree. Texaco joint venture Star Enterprises was formed in 1989 which owned a Texas refinery. The company acquired a 35% interest in Korea-based SsangYong Oil Refining in 1991 and a 40% stake in Philippines-based Petron in 1994.