Aramco releases archive video of King Abdulaziz overseeing Saudi’s first oil exports

Saudi Aramco, the Kingdom’s energy giant, recently released video footage of the first shipment of Saudi oil for export leaving the country under the supervision of King Abdulaziz al-Saud, the founder of the modern state of Saudi Arabia.

In 1938 the Kingdom struck oil at the Dammam No. 7 well – the “prosperity well” – and a mere year later Saudi Aramco, then known then as CASOC (California Arabian Standard Oil Company), received its first customer.

The tanker DG Scofield was moored off the Ras Tanura port in eastern Saudi Arabia prepared to take the Kingdom’s first shipment. In comparison to today’s modern oil supertankers with capacity rated in the millions, the DG Scofield was designed to carry a mere 80,000 barrels of oil, and 10,000 barrels of fuel, according to Aramco’s magazine AramcoWorld.

King Abdulaziz can be seen in the video visiting the DG Scofield in Ras Tanura port while loading is ongoing.

The event marked a crucial point in the history of Saudi Arabia and Aramco.

Today, Aramco is the world’s most valuable company, the world’s most profitable company, and pumps more oil on a daily basis than any other producer.

Beginning in the late 1940s, Aramco began rapidly ramping up oil production. In 1949, crude production hit 500,000 barrels per day, according to the company’s website.

The company continued to grow over the coming decades, and in 1972, the Saudi Arabian government acquired 25 percent of the Aramco shares. In 1974, that percentage increased to 60. And in 1980, Saudi Aramco became fully owned by the Saudi government, with Ali I. Al-Naimi named as the first Saudi Arabian president in 1984.

Today, Saudi Aramco continues to expand its global footprint, investing and forming partnerships around the world.

In December last year, the company successfully listed on the Saudi Stock Exchange (Tadawul). The energy giant listed 1.5 percent, or three billion, of the company’s shares on the Tadawul, raising $29.4 billion.

With its roots in the 1930s, the company’s leaders today continue to look forward.

“We envision transforming billions more barrels of oil and trillions of cubic feet of gas into multiple streams of value for Saudi Aramco, the Kingdom, and its people while — at the same time — continuing to remain a reliable supplier of sustainable energy to the world,” the company’s website reads.

Read more:

Saudi Aramco reduces fuel prices in May 2020

Saudi Aramco reports multimillion-dollar donations to fight coronavirus pandemic

Saudi Aramco’s record-breaking IPO grows to $29.4 billion

SHOW MORE
Last Update: Wednesday, 20 May 2020 KSA 10:06 - GMT 07:06
Top