Saudi Aramco

Lore & Background

Saudi Aramco's origins trace to the oil shortages of World War I and the exclusion of American companies from Mesopotamia by the United Kingdom and France under the San Remo Petroleum Agreement of 1920. Standard Oil of California (SoCal) was among US companies seeking new sources of oil. In 1932, the Bahrain Petroleum Company, a wholly owned SoCal subsidiary, discovered the first oil field in the Persian Gulf outside of Iran. The Saudi Arabian government granted a concession to SoCal, which assigned it to a wholly owned subsidiary, California-Arabian Standard Oil Company (CASOC). In 1936, Texaco purchased a 50% stake. The first success came with Dammam No. 7 in 1938. On 31 January 1944, the company name changed to Arabian American Oil Co. (Aramco). In 1947, Standard Oil of New Jersey purchased 30% and Socony Vacuum purchased 10%, with SoCal and Texaco retaining 30% each. In 1950, King Abdulaziz threatened nationalisation, leading to a 50/50 profit-sharing agreement. In 1973, following US support for Israel during the Yom Kippur War, the Saudi government acquired a one-quarter participation interest, increased to 60% in 1974. In November 1988, a royal decree created the Saudi Arabian Oil Company (Saudi Aramco) to take control of former Aramco assets.

Reader's Guide

Saudi Aramco operates the world's largest single hydrocarbon network, the Master Gas System. In 2024, its oil production total was 12.7 million barrels of oil equivalent per day, and it manages over one hundred oil and gas fields in Saudi Arabia, including 288.4 trillion standard cubic feet of natural gas reserves. It operates the Ghawar Field (world's largest onshore oil field) and the Safaniya Field (world's largest offshore oil field). On 11 December 2019, shares commenced trading on the Saudi Exchange, rising to 35.2 SAR, giving a market capitalisation of about US$1.88 trillion. As of November 2025, the stock trades at 25.8 SAR, with a market capitalisation of approximately US$1.66 trillion. In 2024, Saudi Aramco was responsible for 1,653 Mt CO2 emissions, or 4.28% of global CO2 emissions. In the 2020s, it became a FIFA and Formula One partner, including constructor Aston Martin.

Origins & Family Stewardship

Founded in 1942 by the late Sheikh Ali bin Abdullah Al-Tamimi, the company is owned and managed by his heirs. The current chairman is Tariq Ali al-Tamimi.

From Oilfield Supplier to Multi-Sector Conglomerate

Beginning as a major parts supplier to oil giant Saudi Aramco, the Tamimi Group of Companies has several joint ventures, with companies as diverse as General Electric and Safeway. The Tamimi Group is active in the following sectors: Import and distribution: Tamimi Commercial Co. - TCCM (since 1949); Real estate development (since 1953); Power and industrial activities (since 1976); Food services and facility management (since 1977) and food industry (since 2009); Food retailing: Tamimi Markets (since 1979), with over 110 stores in Saudi Arabia; Construction (since 1998).

Retail Footprint & the Dammam Landmark

In 2018, Tamimi Markets opened its headquarters and largest store in Dammam. Tamimi Markets has been operating since 1979, with over 110 stores in Saudi Arabia. Food services and facility management have been running since 1977, and a food industry division was established in 2009.

Cross-Border Partnerships & Joint Ventures

The company is in partnership with Pakistani businessman and politician Sardar Tanveer Ilyas Khan. The Tamimi Group of Companies has several joint ventures, with companies as diverse as General Electric and Safeway. Tamimi Commercial Co. - TCCM has been active in import and distribution since 1949.

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