Saudi Aramco
The drilling crew of Dammam Well No. 7 pose on the steps of the rig in 1937 or 1938. Drilling for oil began in 1935. Three years later, oil was struck in commercial quantities by Well No. 7 on March 4.
- Since its earliest years in the 1930s, Saudi Aramco has gone from a speculative attempt to find oil to the most powerful company in the global oil industry.
- The company has its roots in oil exploration by American engineers during the interwar years as the USA looked for a way to exploit growing international demand for petroleum.
- When drilling began in the 30s, no one was even sure if there was oil in Saudi Arabia.
- As Aramco marks its international listing, Business Insider decided to look into the rich and fascinating history of the company.
- Visit Business Insider's homepage for more stories.
Saudi Aramco's initial public offering this week, which saw it become the biggest publicly traded company in the world, has been a long time coming.
The IPO has been rumored for several years, and was long expected to take place last year.
So important is Saudi Aramco's listing to global stock markets, that major financial centres practically tripped over one another to get a slice of the Aramco pie.
Aramco ultimately decided to list domestically on the Tadawul, it's main stock exchange, raising $25.6 billion in its IPO, all from local investors in Saudi and Gulf states.
Shares surged on its first day of trading, jumping 10% and valuing the company at $1.9 trillion, making it around $700 billion more valuable than Apple.
To mark the IPO, Business Insider decided to take a look at the storied history of the oil giant.
This article originally appeared on Business Insider in December 2017.
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