The world's biggest oil company, headquartered in Saudi Arabia. Its chief executive, Amin Nasser, views the firm as "an important enabler" of Saudi diversification away from oil, declaring that "Aramco has always been far more than just an oil producer."
Aramco's acquisitions, combined with those of ADNOC, rose from $11bn in 2022 to $29bn in 2024. Some $40bn of the $88bn in acquisitions the pair have made since the start of 2022 has been in the broader oil-and-gas industry. Nearly as much has gone into chemicals.
Aramco acquired 70% of SABIC, Saudi Arabia's national chemicals company, in 2020 and is spending $20bn on a domestic project to convert crude oil into chemicals. It has invested in three liquefied-natural-gas facilities in America and issued $10bn in contracts to develop Jafurah, a domestic shale-gas field.
Aramco has formalised plans with Linde, an industrial-gas firm, and SLB, an oil-services firm, to develop a carbon-capture-and-sequestration site in Saudi Arabia. To help the kingdom reach its goal of getting half of its electricity from renewables by 2030, it is co-investing in 15 gigawatts of solar and wind projects.
Aramco is pouring money into supercomputing and developing its own AI models and tools to operate more efficiently. In February 2025 Aramco Digital, the tech arm, agreed to obtain $1.5bn of Groq's inference chips to expand a data centre used to develop an Arabic AI model. Tareq Amin, boss of Aramco Digital, also leads Humain, the state-backed company centralising Saudi Arabia's AI data-centre push.
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