Saudi Aramco: Difference between revisions
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It was founded in the 1930s as a branch of [[Standard Oil]] of California (now [[Chevron]]), and was directly controlled by U.S. executives until passing into Saudi state ownership in 1988.<ref>https://www.britannica.com/topic/Saudi-Aramco</ref> | It was founded in the 1930s as a branch of [[Standard Oil]] of California (now [[Chevron]]), and was directly controlled by U.S. executives until passing into Saudi state ownership in 1988.<ref>https://www.britannica.com/topic/Saudi-Aramco</ref> | ||
In 1973, the company played a crucial role in securing U.S. [[petrodollar | In 1973, the company played a crucial role in securing U.S. [[petrodollar]] hegemony through an agreement with [[Henry Kissinger]] and the [[Nixon Administration]] to only sell its oil for dollars, in exchange for U.S. military protection and financing through [[Riba|usurious]] bonds issued by the [[U.S. Treasury]]. | ||
Throughout its history, the company has worked closely with major U.S. fossil fuel construction + equipment firms such as [[Bechtel]] and [[Caterpillar Inc]] and other oil companies like [[Halliburton]]. | Throughout its history, the company has worked closely with major U.S. fossil fuel construction + equipment firms such as [[Bechtel]] and [[Caterpillar Inc]] and other oil companies like [[Halliburton]]. | ||
Revision as of 16:57, 12 January 2023
Saudi Aramco is the world's largest oil company and the 3rd largest corporation in the world by market capitalization.
It was founded in the 1930s as a branch of Standard Oil of California (now Chevron), and was directly controlled by U.S. executives until passing into Saudi state ownership in 1988.[1]
In 1973, the company played a crucial role in securing U.S. petrodollar hegemony through an agreement with Henry Kissinger and the Nixon Administration to only sell its oil for dollars, in exchange for U.S. military protection and financing through usurious bonds issued by the U.S. Treasury.
Throughout its history, the company has worked closely with major U.S. fossil fuel construction + equipment firms such as Bechtel and Caterpillar Inc and other oil companies like Halliburton.
The company's economic power helps account for the House of Saud's leading international role in blocking and delaying effective international climate action. In partnership with French company TotalEnergies, Aramco is preparing to construct a new $11 billion "world scale petrochemical facility" in Saudi Arabia starting in early 2023.[2]