Today, Explained The world's most profitable company
Nov 11, 2019
Ellen R. Wald, author of "Saudi Inc." and Aramco expert, delves into the complexities surrounding the IPO of Saudi Aramco, the world's most profitable company. She discusses how Aramco transformed Saudi Arabia's economy and its global oil market implications. Wald uncovers the company's fascinating history, from its origins in the 1930s to its current status. She also highlights the ethical dilemmas looming over the IPO, particularly against the backdrop of recent human rights controversies in the kingdom.
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Aramco's Profitability
- Saudi Aramco, the world's most profitable company, is going public.
- It surpasses tech giants like Apple and Google in profitability.
Aramco's Significance
- Aramco is Saudi Arabia's national oil company with global assets.
- It's the largest oil company, controlling a fifth of global petroleum reserves.
Aramco's Origins
- In the 1930s, Saudi Arabia partnered with Standard Oil of California (Chevron) due to financial struggles.
- Geologist Fred Davies noticed similar geological formations in Saudi Arabia to Bahrain, suggesting oil reserves.
