Saudi Arabia is the largest producer and exporter of oil in the world. Saudi Oil Reserves are around ¼ of the total oil reserves of the world. Being the largest oil producers and exporters of the world, the Kingdom plays a vital role in the global energy industry. Here are a few companies working in the oil sector;
The value of Saudi Aramco is estimated between $1.25 trillion and $7 trillion which makes it the most valuable oil company in the world. Saudi Aramco has also both the largest crude oil reserves estimating at 260 billion barrels and the daily oil production.
Saudi Aramco operates, develops and owns all the energy resources based out of Saudi Arabia. In accordance with the 2015 report, Aramco is the largest gas and oil company.
02-SABIC (Saudi Arabia Basic Industries Corporation) – a diversified Saudi manufacturing company is active in intermediates and chemicals, polymers, industrial, metals, and fertilizers.
It is also the biggest public company in the Kingdom in accordance with the Tadawul listing; however, the Saudi government owns 70 percent of the shares. SABIC is the largest company in the Middle East.
The private shareholders are from GCC countries and from within the Kingdom.
03-Petro Rabigh – a Saudi based company which markets and produces petrochemicals and hydrocarbons. The company was started jointly as Sumitomo chemicals and Saudi Aramco.
It is also traded on the Saudi Stock Exchange. Petro Rabigh operates a capacity of 400,000 barrels with the refinery being located in the city of Rabigh Saudi Arabia and produces fuel oil, kerosene, gasoline, diesel, and naphtha.
The company held the first public offering back in 2008 and the ownership of the company belongs to Saudi Aramco and Sumitomo chemicals at 37.5 % each while 25 percent of the shares are publicly owned.
04-Aldrees – established in 1957, it started selling oil products in tanks and barrels. The year 1965 proved most beneficial as they opened their first petrol station at the Al Dhahran Street in the city of Riyadh, the capital of Saudi Arabia.
05-Nama chemicals – It is a listed company that had been established back in 1992 for establishing and developing petrochemical projects. The chairman of the company is Saud Abdul Aziz Al Gosaibi while Fahad Al Otaibi is the president of the company.
06-SIPCHEM (Saudi International Petrochemical Company) – a joint stock company which is owned by several investors in GCC countries and Saudi Arabia. Initially incorporated in 1999 on 22 December, it started with a capital of SAR 500 million. The share capital was then raised to SAR 650 million.
07-Yansab – the youngest SABIC affiliate within the Kingdom of Saudi Arabia and is set to be the largest petrochemical complex. Yansab is estimated to have an annual capacity of above 4 million MT or metric tons of various petrochemical products.