On May 29, 1933, the journey of the Saudi oil giant Aramco began with an agreement with the Standard Oil Company of California (Socal), by order of the founding king, Abdulaziz Al Saud. Now, after 91 years, the Kingdom of Saudi Arabia intends to offer approximately 1.545 billion shares of Aramco’s stock in a historic deal.

The expected price per share ranges between 26.70 and 29 riyals, which could raise around $12 billion. Additionally, there is an option to sell up to an additional 1.7 billion shares, raising the deal value to $13.1 billion. This announcement comes after an initial public offering in 2019, which raised $29.4 billion.

Aramco is the world’s largest producer and exporter of oil, making it one of the most profitable companies. The company seeks to diversify its income sources by expanding into refining and petrochemical sectors, aiming to increase gas production by 60% by 2030.

Since its inception in 1933, Aramco has successfully discovered major oil fields and expanded its oil and refining operations worldwide. With increased investment in petrochemicals and expansion of its business scope, Aramco continues to achieve record profits and meet global energy market needs.