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102-724: A Concession Agreement to search for oil was signed in Jeddah on May 29, 1933, between the Kingdom of Saudi Arabia and Standard Oil of California. However, it was not until five years later, in 1938, that the first oil in commercial quantities was produced. Standard Oil later established a subsidiary in Saudi Arabia called the Arabian American Oil Company (ARAMCO) , now owned by the Saudi government and known as Saudi Aramco . Dhahran has been

204-551: A hot desert climate ( Köppen : BWh ), featuring summers among the hottest and most humid in the world, and virtually frost-free winters. Temperatures can rise to more than 40 °C (104 °F) in the summer, coupled with high humidity, given the city's proximity to the Persian Gulf . The highest recorded temperature in Dhahran is 51.1 °C (124.0 °F). In winter, the temperature rarely falls below −2 °C (28 °F), with

306-488: A 50% fall in net income for the first half of its financial year, as demand for oil and prices continued to fall due to the coronavirus crisis . On 3 November 2020, Saudi Aramco reported a 44.6% drop in third-quarter net profit amid the COVID-19 pandemic. On 14 December 2020, Saudi state TV announced that an oil tanker carrying over 60,000 metric tons of unleaded gasoline from an Aramco refinery at Yanbu, had been attacked by

408-437: A 50% fall in net income for the first half of its financial year, as demand for oil and prices continued to fall due to the coronavirus crisis . On 3 November 2020, Saudi Aramco reported a 44.6% drop in third-quarter net profit amid the COVID-19 pandemic. On 14 December 2020, Saudi state TV announced that an oil tanker carrying over 60,000 metric tons of unleaded gasoline from an Aramco refinery at Yanbu, had been attacked by

510-552: A 70% share in SABIC , a chemicals manufacturing company. In June 2020, Saudi Aramco laid off nearly 500 of its more than 70,000 employees, as global energy firms reduced their workforce due to the COVID-19 pandemic . Most of the workers who lost their job at Aramco were foreigners. On 31 July 2020, Saudi Aramco lost its title as the world's largest listed company by market capitalization to Apple . On 9 August 2020, Saudi Aramco reported

612-455: A 70% share in SABIC , a chemicals manufacturing company. In June 2020, Saudi Aramco laid off nearly 500 of its more than 70,000 employees, as global energy firms reduced their workforce due to the COVID-19 pandemic . Most of the workers who lost their job at Aramco were foreigners. On 31 July 2020, Saudi Aramco lost its title as the world's largest listed company by market capitalization to Apple . On 9 August 2020, Saudi Aramco reported

714-652: A barrel, Aramco announced it would increase production to 9.7 million barrels per day (mbpd). Then as prices plummeted, Aramco stated in January 2009, that it would reduce production to 7.7 mbpd. In 2011, Saudi Aramco started production from the Karan Gas Field, with an output of more than 400 million scf per day. In January 2016, the Deputy Crown Prince of Saudi Arabia, Mohammad bin Salman Al Saud , announced he

816-425: A barrel, Aramco announced it would increase production to 9.7 million barrels per day (mbpd). Then as prices plummeted, Aramco stated in January 2009, that it would reduce production to 7.7 mbpd. In 2011, Saudi Aramco started production from the Karan Gas Field, with an output of more than 400 million scf per day. In January 2016, the Deputy Crown Prince of Saudi Arabia, Mohammad bin Salman Al Saud , announced he

918-573: A bond issue by an emerging market entity. Aramco announced on Sunday 3 November 2019 its plan to list 1.5% of its value as an IPO on the Tadawul stock exchange . On 9 November 2019, Saudi Aramco released a 600-page prospectus giving details of the IPO. According to the specifications provided, up to 0.5% of the shares were locked for individual retail investors. On 4 December 2019, Saudi Aramco priced its offering at 32 Saudi riyals (approximately US$ 8.53 at

1020-478: A bond issue by an emerging market entity. Aramco announced on Sunday 3 November 2019 its plan to list 1.5% of its value as an IPO on the Tadawul stock exchange . On 9 November 2019, Saudi Aramco released a 600-page prospectus giving details of the IPO. According to the specifications provided, up to 0.5% of the shares were locked for individual retail investors. On 4 December 2019, Saudi Aramco priced its offering at 32 Saudi riyals (approximately US$ 8.53 at

1122-555: A concession to SoCal in preference to a rival bid from the Iraq Petroleum Company . The concession allowed SoCal to explore for oil in Saudi Arabia. SoCal assigned this concession to a wholly owned subsidiary , California-Arabian Standard Oil ( CASOC ). In 1936, with the company having had no success at locating oil, the Texas Company (Texaco) purchased a 50% stake of the concession. After four years of fruitless exploration,

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1224-430: A degree of Western comfort and separation from the restrictions of Saudi and Islamic laws, the community today has shifted somewhat in line with the reduction of western residents into a multi-ethnic mosaic of Saudis, other Arab nationalities (e.g., Egyptian and Jordanian), Asians, Europeans, South Americans, Africans and Australians. While only employees of Saudi Aramco live on the camp, their nationalities reflect those of

1326-494: A few years earlier. The American government granted US Aramco member companies a tax break known as the golden gimmick equivalent to the profits given to King Abdulaziz. In the wake of the new arrangement, the company's headquarters were moved from New York to Dhahran. In 1951, the company discovered the Safaniya Oil Field , the world's largest offshore field. In 1957, the discovery of smaller connected oil fields confirmed

1428-434: A few years earlier. The American government granted US Aramco member companies a tax break known as the golden gimmick equivalent to the profits given to King Abdulaziz. In the wake of the new arrangement, the company's headquarters were moved from New York to Dhahran. In 1951, the company discovered the Safaniya Oil Field , the world's largest offshore field. In 1957, the discovery of smaller connected oil fields confirmed

1530-476: A fire in two storage tanks. The incident occurred during qualifying for the 2022 Saudi Arabian Grand Prix . On 11 May 2022, Saudi Aramco became the largest (most valuable) company in the world by market cap, surpassing Apple Inc. In August 2022, Saudi Aramco announced that it would acquire Valvoline's petroleum unit for $ 2.65 billion. In March 2023, Saudi Aramco announced that they had seen record profits of $ 161 billion as prices of petrol soared following

1632-476: A fire in two storage tanks. The incident occurred during qualifying for the 2022 Saudi Arabian Grand Prix . On 11 May 2022, Saudi Aramco became the largest (most valuable) company in the world by market cap, surpassing Apple Inc. In August 2022, Saudi Aramco announced that it would acquire Valvoline's petroleum unit for $ 2.65 billion. In March 2023, Saudi Aramco announced that they had seen record profits of $ 161 billion as prices of petrol soared following

1734-490: A joint venture. Saudi Aramco Saudi Aramco ( Arabic : أرامكو السعودية ʾArāmkū as-Suʿūdiyyah ), officially the Saudi Arabian Oil Company or simply Aramco (formerly Arabian-American Oil Company ), is a majority state-owned petroleum and natural gas company that is the national oil company of Saudi Arabia . As of 2024 , it is the fourth- largest company in the world by revenue and

1836-532: A message came to the home page apologizing to customers. Computer security specialists said that "The attack, known as Shamoon, is said to have hit "at least one organization" in the sector. Shamoon is capable of wiping files and rendering several computers on a network unusable." Richard Clarke suggests the attack was part of Iran's retaliation for the US involvement in Stuxnet . Security researcher Chris Kubecka , who helped

1938-438: A message came to the home page apologizing to customers. Computer security specialists said that "The attack, known as Shamoon, is said to have hit "at least one organization" in the sector. Shamoon is capable of wiping files and rendering several computers on a network unusable." Richard Clarke suggests the attack was part of Iran's retaliation for the US involvement in Stuxnet . Security researcher Chris Kubecka , who helped

2040-434: A much more minor role today than 50 years ago, an industrial railroad with a station adjacent to Dhahran still exists, linking it to the capital Riyadh . Public transport buses are only available in a very limited manner, with taxi services, at reasonable prices and widely available, proving more popular. Large companies such as Saudi Aramco run their own bus transport operations, connecting residential and industrial camps of

2142-467: A report by Financial Times claimed that Aramco had been bearing the ministry-related expenses; boosting the finance ministry budget allocation. It also included Energy Minister Khalid Al Falih ’s company-related and diplomatic trips, as well as his stays in luxurious hotels. However, an ally mentioned that Falih’s policies have delivered additional oil revenues that far exceeded his expenses. In September 2019, Saudi Arabia appointed Yasir Al-Rumayyan as

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2244-467: A report by Financial Times claimed that Aramco had been bearing the ministry-related expenses; boosting the finance ministry budget allocation. It also included Energy Minister Khalid Al Falih ’s company-related and diplomatic trips, as well as his stays in luxurious hotels. However, an ally mentioned that Falih’s policies have delivered additional oil revenues that far exceeded his expenses. In September 2019, Saudi Arabia appointed Yasir Al-Rumayyan as

2346-522: A second with Sinopec , and a third with Repsol . By 2004, Aramco was producing 8.6 million barrels per day (mbpd) out of a potential 10 mbpd. In 2005, Aramco launched a five-year plan to spend US$ 50 billion to increase their daily capacity to 12.5 mbpd by increasing production and refining capacity and doubling the number of drilling rigs. In 2005, Saudi Aramco was the world's largest company with an estimated market value of US$ 781 billion. In June 2008, in response to crude oil prices exceeding US$ 130

2448-522: A second with Sinopec , and a third with Repsol . By 2004, Aramco was producing 8.6 million barrels per day (mbpd) out of a potential 10 mbpd. In 2005, Aramco launched a five-year plan to spend US$ 50 billion to increase their daily capacity to 12.5 mbpd by increasing production and refining capacity and doubling the number of drilling rigs. In 2005, Saudi Aramco was the world's largest company with an estimated market value of US$ 781 billion. In June 2008, in response to crude oil prices exceeding US$ 130

2550-417: A smaller boat rigged with explosives. In March 2021, Saudi Aramco announced that earnings in 2020 fell by nearly 45% compared with 2019, as lockdowns around the world following the COVID-19 pandemic curbed demand for oil . On 19 March 2021, an Aramco refinery was attacked by six bomb-laden drones. The attack, which was claimed by Houthi rebels, started a fire but caused no injuries or damage, according to

2652-417: A smaller boat rigged with explosives. In March 2021, Saudi Aramco announced that earnings in 2020 fell by nearly 45% compared with 2019, as lockdowns around the world following the COVID-19 pandemic curbed demand for oil . On 19 March 2021, an Aramco refinery was attacked by six bomb-laden drones. The attack, which was claimed by Houthi rebels, started a fire but caused no injuries or damage, according to

2754-505: Is a part of International Schools Group and is primarily composed of expatriates including American, British, Lebanese, Filipino, and Indian students. There have been Saudi students as well, though this is relatively rare. Advanced Placement courses have been available since Dhahran High School's first graduating class in 2001. The Dhahran School and the Dhahran Hills School are Saudi Aramco-run American curriculum schools within

2856-473: Is headquartered in Dhahran . Saudi Aramco has both the world's second-largest proven crude oil reserves , at more than 270 billion barrels (43 billion cubic metres), and largest daily oil production of all oil-producing companies. It is the single greatest contributor to global carbon emissions of any company in the world since 1965. Saudi Aramco operates the world's largest single hydrocarbon network,

2958-588: Is mainly Saudi, but also includes many expatriates from Asian countries, such as Bangladesh , India , Indonesia , Nepal , Pakistan and the Philippines , as well as countries such as the United States, Canada, European countries , Turkey , South Africa, Australia and New Zealand. There are also many non-Saudi Arab nationals living in Dhahran, such as Yemenis , Egyptians , Jordanians , Lebanese , Palestinians , Sudanese , and Syrians . The 1993 population of

3060-551: Is northeast of Abqaiq , and southeast of Qatif and, further north, Ras Tanura , a major oil port. The Kingdom of Bahrain is also within easy driving distance to the east (about 32 km [20 mi]), across the King Fahd Causeway , from Khobar. There are several notable landmarks in Dhahran City including KFUPM clock tower as well as Saudi Aramco's Al-Midra Tower and King Abdulaziz Center for World Culture . However,

3162-534: Is now a Royal Saudi Air Force airbase. Today, King Fahd International Airport (DMM), which replaced Dhahran International for commercial, private and cargo , serves the entire Metropolitan Area of Dhahran, Dammam, and Khobar, the distance to the airport terminal is about 40 km (25 mi) from Dhahran. Saudi Aramco Aviation operates the general aviation terminal at King Fahd International Airport exclusively as its own terminal, where all Saudi Aramco flights originate. Although rail service in Saudi Arabia plays

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3264-714: Is part of the Eastern Province , the largest province in Saudi Arabia. The province is governed by Prince Saud bin Nayef bin Abdulaziz Al Saud . Just like the rest of the country, the law of Shari’a , or Islamic law is adhered to. Following the Saudi Arabian municipal elections in 2005, members of the municipal councils were elected. Dhahran is guarded as it is a high visibility city. The Saudi Special Emergency Forces ' Eastern Province headquarters are located in Dhahran near

3366-405: Is predominant in the market, with Orbit Showtime being the most popular, as well as the widespread variety of satellite channel operators including Eutelsat , AsiaSat , Palapa , Arabsat and Nilesat . Schools in Dhahran come under two sections: public (government-run) and private. Public schools (K-12), open to almost everyone, strictly adhere to teaching the curriculum exactly as provided by

3468-512: Is the single greatest contributor to global carbon emissions of any company in the world since 1965. Saudi Aramco operates the world's largest single hydrocarbon network, the Master Gas System. In 2013, its crude oil production total was 3.4 billion barrels (540 million cubic metres), and it manages over one hundred oil and gas fields in Saudi Arabia, including 288.4 trillion standard cubic feet (scf) of natural gas reserves. Along

3570-510: The Eastern Province , Saudi Aramco most notably operates the Ghawar Field (the world's largest onshore oil field ) and the Safaniya Field (the world's largest offshore oil field ). On 11 December 2019, the company's shares commenced trading on the Tadawul stock exchange . The shares rose to 35.2 Saudi riyals , giving it a market capitalization of about US$ 1.88 trillion, and surpassed

3672-403: The Ghawar Field as the world's largest onshore field. In 1975, the Saudi Arabia second five-year economic plan included a Master Gas Plan. Natural gas would be used to generate power, rather than flaring the gas . The plan counted on using the associated gas , but by 1985, Aramco was able to include a billion standard cubic foot per day (Bscfd) of non-associated gas. This non-associated gas

3774-403: The Ghawar Field as the world's largest onshore field. In 1975, the Saudi Arabia second five-year economic plan included a Master Gas Plan. Natural gas would be used to generate power, rather than flaring the gas . The plan counted on using the associated gas , but by 1985, Aramco was able to include a billion standard cubic foot per day (Bscfd) of non-associated gas. This non-associated gas

3876-663: The King Fahd University of Petroleum and Minerals (built by Aramco) and the King Abdulaziz Air Base . Dhahran is also home to the Mall of Dhahran, one of the biggest shopping complexes in the Eastern Province. Dhahran is a short distance west of downtown Khobar . It is about 15 kilometres (9.3 mi) south of Dammam . Both are older Saudi port cities on the coast of the Persian Gulf . Looking farther afield, Dhahran

3978-604: The Persian Gulf War , Aramco was expected to replace much of the oil production removed from the global market due to the embargo of Iraq and occupied Kuwait. This amounted to producing an extra 4.8 million barrels per day (Mbpd) to keep the global oil market stable. In addition, Aramco was expected to provide all of the coalition aviation and diesel needs. Aramco recommissioned 146 Harmaliyah, Khurais , and Ghawar oil wells with associated gas oil separation plants , and saltwater treatment pipeline, that had been mothballed during

4080-546: The Persian Gulf War , Aramco was expected to replace much of the oil production removed from the global market due to the embargo of Iraq and occupied Kuwait. This amounted to producing an extra 4.8 million barrels per day (Mbpd) to keep the global oil market stable. In addition, Aramco was expected to provide all of the coalition aviation and diesel needs. Aramco recommissioned 146 Harmaliyah, Khurais , and Ghawar oil wells with associated gas oil separation plants , and saltwater treatment pipeline, that had been mothballed during

4182-455: The Safaniya Field (the world's largest offshore oil field ). On 11 December 2019, the company's shares commenced trading on the Tadawul stock exchange . The shares rose to 35.2 Saudi riyals , giving it a market capitalization of about US$ 1.88 trillion, and surpassed the US$ 2 trillion mark on the second day of trading. Saudi Aramco's origins trace to the oil shortages of World War I and

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4284-538: The Saudi Arabian Oil Company or simply Aramco (formerly Arabian-American Oil Company ), is a majority state-owned petroleum and natural gas company that is the national oil company of Saudi Arabia . As of 2024 , it is the fourth- largest company in the world by revenue and is headquartered in Dhahran . Saudi Aramco has both the world's second-largest proven crude oil reserves , at more than 270 billion barrels (43 billion cubic metres), and largest daily oil production of all oil-producing companies. It

4386-605: The Texas Company (Texaco) purchased a 50% stake of the concession. After four years of fruitless exploration, the first success came with the seventh drill site in Dhahran in 1938, a well referred to as Dammam No. 7 . This well immediately produced over 1,500 barrels per day (240 m /d), giving the company confidence to continue. On 31 January 1944, the company name was changed from California-Arabian Standard Oil Co. to Arabian American Oil Co. (or Aramco ). In 1948, Standard Oil of New Jersey (later known as Exxon) purchased 30% and Socony Vacuum (later Mobil) purchased 10% of

4488-700: The Yom Kippur War , the Saudi Arabian government acquired a 25% "participation interest" in Aramco's assets. It increased its participation interest to 60% in 1974. Aramco continued to operate and manage the former Aramco assets, including its concessionary interest in certain Saudi Arab oil fields, on behalf of the Saudi Arab Government until 1988. In November 1988, a royal decree created a new Saudi Arab company,

4590-422: The Yom Kippur War , the Saudi Arabian government acquired a 25% "participation interest" in Aramco's assets. It increased its participation interest to 60% in 1974. Aramco continued to operate and manage the former Aramco assets, including its concessionary interest in certain Saudi Arab oil fields, on behalf of the Saudi Arab Government until 1988. In November 1988, a royal decree created a new Saudi Arab company,

4692-558: The 1980s oil price collapse. Daily production increased from 5.4 Mbpd in July to 8.5 Mbpd in December 1990 after a three-month de-mothball effort. Starting in 1990, Aramco embarked on an expansion of crude oil sales in the Asian market. Agreements with South Korea , the Philippines , and China resulted. By 2016, about 70% of Aramco's crude oil sales were to Asia. In May 2001, Saudi Arabia announced

4794-412: The 1980s oil price collapse. Daily production increased from 5.4 Mbpd in July to 8.5 Mbpd in December 1990 after a three-month de-mothball effort. Starting in 1990, Aramco embarked on an expansion of crude oil sales in the Asian market. Agreements with South Korea , the Philippines , and China resulted. By 2016, about 70% of Aramco's crude oil sales were to Asia. In May 2001, Saudi Arabia announced

4896-602: The Aramco Training Center (ATC), where many new employees of Saudi Aramco learn useful skills, such as English, business mathematics, physics, and computer skills. Imam Abdulrahman Bin Faisal University and Prince Mohammad bin Fahd University are also located near and within the city respectively. Saudi Aramco Saudi Aramco ( Arabic : أرامكو السعودية ʾArāmkū as-Suʿūdiyyah ), officially

4998-459: The Aramco camp). In 1950 Dhahran had a population of about 7,000 people. During the Gulf War , the city was the scene of the largest loss of life among coalition forces. On February 25, 1991, an Iraqi Al-Hussein missile hit a U.S. Army barracks in the city, killing 28 American reservists from Pennsylvania. Dhahran has the headquarters of Saudi Aramco . The company is the largest oil company in

5100-454: The COVID-19 pandemic. The figures eclipsed the numbers posted by ExxonMobil and Shell, who reported $ 55.7 and $ 39.9 billion in profit respectively. In March 2023, Saudi Aramco announced it was going to acquire a 10% stake in China's Rongsheng Petrochemical Co. Ltd, with an estimated purchase price of $ 3.6 billion, and plans to build a new refining and petrochemical complex in northeast China through

5202-406: The COVID-19 pandemic. The figures eclipsed the numbers posted by ExxonMobil and Shell, who reported $ 55.7 and $ 39.9 billion in profit respectively. In March 2023, Saudi Aramco announced it was going to acquire a 10% stake in China's Rongsheng Petrochemical Co. Ltd, with an estimated purchase price of $ 3.6 billion, and plans to build a new refining and petrochemical complex in northeast China through

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5304-497: The Chairman of Aramco. Al-Rumayyan became head of the country’s sovereign wealth fund by replacing Khalid Al-Falih , who was holding the position since 2015. Aramco computers were attacked by a virus on 15 August 2012. The following day Aramco announced that none of the infected computers were part of the network directly tied to oil production, and that the company would soon resume full operations. Hackers claimed responsibility for

5406-446: The Chairman of Aramco. Al-Rumayyan became head of the country’s sovereign wealth fund by replacing Khalid Al-Falih , who was holding the position since 2015. Aramco computers were attacked by a virus on 15 August 2012. The following day Aramco announced that none of the infected computers were part of the network directly tied to oil production, and that the company would soon resume full operations. Hackers claimed responsibility for

5508-660: The Gas Initiative, which proposed forming three joint ventures with eight IOCs for gas exploration on pure upstream acreage. Core Venture 1 included south Ghawar and north Rub' Al-Khali , Core Venture 2 included the Red Sea , while Core Venture 3 involved Shaybah and Kidan. In 2003, Royal Dutch Shell and TotalEnergies formed a partnership with Saudi Aramco in Core Venture 3. In 2004, Core Venture 1 became three separate joint ventures with Saudi Aramco holding 20%, one with Lukoil ,

5610-499: The Gas Initiative, which proposed forming three joint ventures with eight IOCs for gas exploration on pure upstream acreage. Core Venture 1 included south Ghawar and north Rub' Al-Khali , Core Venture 2 included the Red Sea , while Core Venture 3 involved Shaybah and Kidan. In 2003, Royal Dutch Shell and TotalEnergies formed a partnership with Saudi Aramco in Core Venture 3. In 2004, Core Venture 1 became three separate joint ventures with Saudi Aramco holding 20%, one with Lukoil ,

5712-399: The Master Gas System. In 2013, its crude oil production total was 3.4 billion barrels (540 million cubic metres), and it manages over one hundred oil and gas fields in Saudi Arabia, including 288.4 trillion standard cubic feet (scf) of natural gas reserves. Along the Eastern Province , Saudi Aramco most notably operates the Ghawar Field (the world's largest onshore oil field ) and

5814-468: The Ministry of Education. Public schools also come under two sections: Saudi Aramco-built and government-built. The Saudi Aramco built schools are usually better in design and last longer due to their being built to higher standards; however, they are not operated by the company. Private schools also teach the ministry's curriculum, but they have more flexibility often enhancing certain aspects, such as exceeding

5916-521: The Saudi Arabian Oil Company, to take control of the former Aramco assets (or Saudi Aramco) and took the management and operations control of Saudi Arabia's oil and gas fields from Aramco and its partners. In 1989–90, high-quality oil and gas were discovered in three areas south of Riyadh: the Raghib area about 77 miles (124 km) southeast of the capital. In September 1990, after the start of

6018-404: The Saudi Arabian Oil Company, to take control of the former Aramco assets (or Saudi Aramco) and took the management and operations control of Saudi Arabia's oil and gas fields from Aramco and its partners. In 1989–90, high-quality oil and gas were discovered in three areas south of Riyadh: the Raghib area about 77 miles (124 km) southeast of the capital. In September 1990, after the start of

6120-519: The Saudi Aramco Residential Camp. These schools are strictly only for the children of expatriate Saudi Aramco employees but are provided completely free of charge to them. They are fully accredited and are part of the larger Saudi Aramco Schools district, encompassing all Saudi Aramco-operated schools within Aramco residential compounds. Dhahran is also home to the world-renowned King Fahd University of Petroleum and Minerals ( KFUPM ), and

6222-525: The Saudi Aramco residential camp. There are many security checkpoints throughout the city that have been almost permanently in place since the Riyadh Compound Bombings . The first American consulate was opened in Dhahran in 1944. As the centre of the nation's oil industry, Dhahran enjoys good transport resources both nationally and internationally, especially after the extensive modernisation of

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6324-539: The Saudis when its lease expired in the early 1960s. Dhahran is historically significant in the development of US-Saudi relations, starting with the discovery of oil that led to the creation of ARAMCO (the Arabian American Oil Company, today's Saudi Aramco ), which in turn led to the US building the Dhahran Airfield (built adjacent to Aramco's residential camp) and the construction of the former US consulate (also adjacent to

6426-571: The US$ 2 trillion mark on the second day of trading. Saudi Aramco's origins trace to the oil shortages of World War I and the exclusion of American companies from Mesopotamia by the United Kingdom and France under the San Remo Petroleum Agreement of 1920. The US administration had popular support for an " Open Door policy ", which Herbert Hoover , secretary of commerce, initiated in 1921. Standard Oil of California (SoCal)

6528-544: The city was 73,691. According to a 2004 census the total population of the Dhahran municipality is 97,446. Many companies that employ relatively large numbers of expatriates have built fenced-in compounds where only expatriates live; however, the largest compound, the Saudi Aramco Residential Camp in Dhahran provides accommodation to many different nationalities. Although built originally to house only expatriate oil company employees (mainly Americans) to provide

6630-502: The company as a whole. There are also several neighborhoods, or suburbs just outside the main Saudi Aramco Camp, such as Doha District (حي الدوحه) Dana District (حي الدانة) and Aljamiah District (حي الجامعة), where Saudi Aramco gives home loans to Saudi employees to build their own homes. Dhahran is unique in a way that majority of the population live inside gated communities, whether built by Saudi Aramco, KFUPM or military. Dhahran

6732-492: The company establish security after the attack, detailed the level of sophistication in her Black Hat USA 2015 presentation and episode 30 of Darknet Diaries. On 14 September 2019, there was a drone attack on two Saudi Aramco plants: the Abqaiq oil processing facility and Khurais oil field . Houthi rebels claimed responsibility for the attack. The attack cut 5.7 million barrels per day (bpd) of Saudi crude output, over 5% of

6834-444: The company establish security after the attack, detailed the level of sophistication in her Black Hat USA 2015 presentation and episode 30 of Darknet Diaries. On 14 September 2019, there was a drone attack on two Saudi Aramco plants: the Abqaiq oil processing facility and Khurais oil field . Houthi rebels claimed responsibility for the attack. The attack cut 5.7 million barrels per day (bpd) of Saudi crude output, over 5% of

6936-822: The company with Dhahran, Dammam, and Khobar. Many smaller residential compounds also operate their own bus services which are typically used for transport to places of work or shopping trips by residents. Mobile telephone communications are provided mainly by STC , Mobily and Zain , which have launched 3G, 4G and 5G services to their customers. STC also provides landlines through its Al-Hatif services, as well as providing internet services through Saudi Data. There are several internet service providers such as Al-Alamiah, ArabNet, Nesma and others. Both DSL and FTTH services are available. There are several popular radio stations, such as Radio Sawa , Studio One 91.4 FM, broadcast from Aramco, and Bahrain Radio 96.5 FM. Satellite television

7038-815: The company, with SoCal and Texaco retaining 30% each. The newcomers were also shareholders in the Iraq Petroleum Co. and had to get the restrictions of the Red Line Agreement lifted in order to be free to enter into this arrangement. In 1949, ARAMCO had made incursions into the Emirate of Abu Dhabi , leading to a border dispute between Abu Dhabi and Saudi Arabia. In 1950, King Abdulaziz threatened to nationalize his country's oil facilities, thus pressuring Aramco to agree to share profits 50/50. A similar process had taken place with American oil companies in Venezuela

7140-595: The company, with SoCal and Texaco retaining 30% each. The newcomers were also shareholders in the Iraq Petroleum Co. and had to get the restrictions of the Red Line Agreement lifted in order to be free to enter into this arrangement. In 1949, ARAMCO had made incursions into the Emirate of Abu Dhabi , leading to a border dispute between Abu Dhabi and Saudi Arabia. In 1950, King Abdulaziz threatened to nationalize his country's oil facilities, thus pressuring Aramco to agree to share profits 50/50. A similar process had taken place with American oil companies in Venezuela

7242-451: The company. While the IPO had been vetted by major banks, the IPO was delayed over concerns of Aramco's corporate structure through 2018 into 2019. The September 2019 drone attacks on Aramco's facilities also delayed the onset of the IPO. On 9 April 2019, Aramco issued bonds collectively valued at US$ 12 billion. Its first international bond issue received more than US$ 100 billion in orders from foreign investors, which breaks all records for

7344-451: The company. While the IPO had been vetted by major banks, the IPO was delayed over concerns of Aramco's corporate structure through 2018 into 2019. The September 2019 drone attacks on Aramco's facilities also delayed the onset of the IPO. On 9 April 2019, Aramco issued bonds collectively valued at US$ 12 billion. Its first international bond issue received more than US$ 100 billion in orders from foreign investors, which breaks all records for

7446-459: The deal included BNP Paribas, MUFG, BofA Securities, SMBC Nikko, First Abu Dhabi Bank, Societe Generale, and BOC International. The company has reported a fall in the net profit of its third-quarter for November 2020, due to increased crude prices and a drop in its demand following the COVID-19 pandemic. On 10 March 2020 Saudi Aramco announced a global partnership with Formula One landing a multi-year deal. On 17 June 2020, Saudi Aramco acquired

7548-459: The deal included BNP Paribas, MUFG, BofA Securities, SMBC Nikko, First Abu Dhabi Bank, Societe Generale, and BOC International. The company has reported a fall in the net profit of its third-quarter for November 2020, due to increased crude prices and a drop in its demand following the COVID-19 pandemic. On 10 March 2020 Saudi Aramco announced a global partnership with Formula One landing a multi-year deal. On 17 June 2020, Saudi Aramco acquired

7650-421: The exclusion of American companies from Mesopotamia by the United Kingdom and France under the San Remo Petroleum Agreement of 1920. The US administration had popular support for an " Open Door policy ", which Herbert Hoover , secretary of commerce, initiated in 1921. Standard Oil of California (SoCal) was among those US companies seeking new sources of oil from abroad. The Saudi Arabian government granted

7752-411: The first commercially viable oil well in Saudi Arabia in the 1930s. This well was still in production 70 years later. This later led to the selection of two barren nearby hills as the place for Aramco to construct its headquarters. [1] The Dhahran-Dammam area is one of two regions, the other being Jeddah , that were selected as potential sites to build the first Saudi nuclear reactor . Dhahran has

7854-491: The first success came with the seventh drill site in Dhahran in 1938, a well referred to as Dammam No. 7 . This well immediately produced over 1,500 barrels per day (240 m /d), giving the company confidence to continue. On 31 January 1944, the company name was changed from California-Arabian Standard Oil Co. to Arabian American Oil Co. (or Aramco ). In 1948, Standard Oil of New Jersey (later known as Exxon) purchased 30% and Socony Vacuum (later Mobil) purchased 10% of

7956-488: The home of Saudi Aramco's headquarters for 90 years and is its first and largest gated compound . Employees and dependents of Aramco, known as Aramcons, have a tendency to use Dhahran to solely refer to the Aramco Camp while using Khobar and/or Dammam to refer to the area outside the camp. Dhahran is unusual in that a large portion of it is made up of gated areas including Saudi Aramco 's headquarters and residential camp ,

8058-426: The lowest ever recorded being −5 °C (23 °F) in January 1964. Rain falls almost exclusively between the months of November and May. The Shamal winds usually blow across the city in the early months of the summer, bringing dust storms that can reduce visibility to a few metres. These winds can last for up to six months. It was reported that on July 8, 2003, the dew point was 35 °C (95 °F) while

8160-792: The ministry's curriculum when teaching the English language and computer applications. University Schools, located within King Fahd University of Petroleum and Minerals, and Dhahran Ahliyyah Schools are examples of top private schools across Saudi Arabia are based in Dhahran. There are several schools that teach the curriculum of their native countries, such as the Multinational School Dhahran (MNS Dhahran Multinational School Dhahran (MNS Dhahran), Dhahran British Grammar School, Dhahran Elementary Middle School, and Dhahran High School. Dhahran High School (formerly Dhahran Academy High School)

8262-487: The nations highway infrastructure in the 1970s and 1980s. The extensive highway network in the Dhahran, Khobar, Dammam area serves the strategically important national oil industry, led by Saudi Aramco, as well as the local population. However, car ownership in the Kingdom has soared which often leaves non-highway roads congested at peak times. Formerly one of Saudi Arabia's three major international airports, Dhahran Airport (DHA), which opened in 1946 as Dhahran Airfield ,

8364-819: The official Saudi Press Agency. On 21 March 2021, Saudi Aramco signed an agreement to secure China's energy supplies for the next 50 years, and also to develop new technologies to combat climate change. More recently, they signed a deal with a consortium led by EIG. In July 2021, Saudi Aramco appointed former HSBC Holdings Plc Chief Executive Officer Stuart Gulliver to the company's board of directors. In October 2021, Saudi Aramco announced plans to achieve net-zero carbon emissions from its wholly-owned operations by 2060. On 20 November 2021, Houthi fighters took credit for launching 14 drones at military targets in Riyadh, Abha, Jizan, Najran, and Jeddah, and Aramco's refineries in Jeddah. In 2021, The Guardian reported that Aramco

8466-770: The official Saudi Press Agency. On 21 March 2021, Saudi Aramco signed an agreement to secure China's energy supplies for the next 50 years, and also to develop new technologies to combat climate change. More recently, they signed a deal with a consortium led by EIG. In July 2021, Saudi Aramco appointed former HSBC Holdings Plc Chief Executive Officer Stuart Gulliver to the company's board of directors. In October 2021, Saudi Aramco announced plans to achieve net-zero carbon emissions from its wholly-owned operations by 2060. On 20 November 2021, Houthi fighters took credit for launching 14 drones at military targets in Riyadh, Abha, Jizan, Najran, and Jeddah, and Aramco's refineries in Jeddah. In 2021, The Guardian reported that Aramco

8568-461: The spread of the computer virus. The virus hit companies within the oil and energy sectors. A group named "Cutting Sword of Justice" claimed responsibility for an attack on 30,000 Saudi Aramco workstations, causing the company to spend months restoring their services. The group later indicated that the Shamoon virus had been used in the attack. Due to this attack, the main site of Aramco went down and

8670-412: The spread of the computer virus. The virus hit companies within the oil and energy sectors. A group named "Cutting Sword of Justice" claimed responsibility for an attack on 30,000 Saudi Aramco workstations, causing the company to spend months restoring their services. The group later indicated that the Shamoon virus had been used in the attack. Due to this attack, the main site of Aramco went down and

8772-419: The tallest building in Dhahran is Al-AbdelKareem Tower, where the neighboring Al-Othman twin towers come as second tallest, all located at Al-Qashlah district in the north east of the city facing Al-Khobar. The patch of desert on which the city is built is hilly and rocky, and most of the earliest productive oil wells in Saudi Arabia were drilled in the area, such as Dammam Well No.  7: "Prosperity Well",

8874-434: The temperature was 42 °C (108 °F), which would indicate a heat index of 79 °C (174 °F), one of the highest heat indexes ever reported. Dhahran was settled after 1938, the year oil was discovered in the vicinity. ARAMCO (then the Arabian American Oil Company, today's Saudi Aramco ) built various residential areas, known as camps, to house the company's oil workers (and in some cases their families) in what

8976-507: The time) per share. The company generated subscriptions of total amount equals US$ 119 billion representing 456% of total offer shares. It raised US$ 25.6 billion in its IPO, making it the world's largest IPO, succeeding that of the Alibaba Group in 2014. The company commenced trading on Tadawul on 11 December 2019, with shares rising 10% to 35.2 riyals, giving the company a market capitalization of about US$ 1.88 trillion, and making Saudi Aramco

9078-452: The time) per share. The company generated subscriptions of total amount equals US$ 119 billion representing 456% of total offer shares. It raised US$ 25.6 billion in its IPO, making it the world's largest IPO, succeeding that of the Alibaba Group in 2014. The company commenced trading on Tadawul on 11 December 2019, with shares rising 10% to 35.2 riyals, giving the company a market capitalization of about US$ 1.88 trillion, and making Saudi Aramco

9180-514: The world with the largest oil reserves in the world, and it produces about 10 million barrels of oil per day. Most of the oil is exported, since local Saudi needs require about 12% of the total production. (See: Saudi Aramco ) Nearly a century after its foundation in 1933, Dhahran is still Saudi Aramco's worldwide headquarters and the center of the company's finance, exploration, engineering, drilling services, medical services, materials supply and other company organisations. The population of Dhahran

9282-419: The world's largest listed company. The entire Tadawul has a market capitalization of US$ 2.22 trillion. According to a bourse filing made by Aramco, the likes of Goldman Sachs , HSBC , Morgan Stanley , JPMorgan , and NCB Capital were hired by the company for organizing investor calls prior to the planned transaction. The document published by one of the other banks said to be involved in the deal showed that

9384-419: The world's largest listed company. The entire Tadawul has a market capitalization of US$ 2.22 trillion. According to a bourse filing made by Aramco, the likes of Goldman Sachs , HSBC , Morgan Stanley , JPMorgan , and NCB Capital were hired by the company for organizing investor calls prior to the planned transaction. The document published by one of the other banks said to be involved in the deal showed that

9486-406: The world's supply. There were discussions by Saudi Arabian officials on postponing Aramco's IPO, because the attacks "sidelined more than half of the kingdom's output" of oil. Since around 2018, Saudi Arabia had been considering to put a portion of Saudi Aramco's ownership, up to 5%, onto public trading via a staged initial public offering (IPO), as to reduce the cost to the government of running

9588-406: The world's supply. There were discussions by Saudi Arabian officials on postponing Aramco's IPO, because the attacks "sidelined more than half of the kingdom's output" of oil. Since around 2018, Saudi Arabia had been considering to put a portion of Saudi Aramco's ownership, up to 5%, onto public trading via a staged initial public offering (IPO), as to reduce the cost to the government of running

9690-431: Was among those US companies seeking new sources of oil from abroad. The Saudi Arabian government granted a concession to SoCal in preference to a rival bid from the Iraq Petroleum Company . The concession allowed SoCal to explore for oil in Saudi Arabia. SoCal assigned this concession to a wholly owned subsidiary , California-Arabian Standard Oil ( CASOC ). In 1936, with the company having had no success at locating oil,

9792-517: Was considering listing shares of the state-owned company, and selling around 5% of them in order to build a large sovereign wealth fund . On 26 April 2017, Saudi security forces thwarted an attempted attack on an Aramco oil distribution center involving an unmanned boat from Yemen. The Wall Street Journal reported in September 2018, Aramco was considering a US$ 1 billion venture-capital fund to invest in international technology firms. In June 2019,

9894-465: Was considering listing shares of the state-owned company, and selling around 5% of them in order to build a large sovereign wealth fund . On 26 April 2017, Saudi security forces thwarted an attempted attack on an Aramco oil distribution center involving an unmanned boat from Yemen. The Wall Street Journal reported in September 2018, Aramco was considering a US$ 1 billion venture-capital fund to invest in international technology firms. In June 2019,

9996-520: Was not trying to diversify at the same rate as other oil companies, such as Shell and BP. Rather, Aramco announced in 2021 that the company intended to increase crude capacity from 12m barrels a day to 13m barrels by 2027. In February 2022, following crude's ascent to nearly $ 95 per barrel, Saudi Arabia's Aramco boosted oil prices for clients in Asia, the United States, and Europe. In March 2022, Houthi fighters attacked an Aramco storage site in Jeddah causing

10098-473: Was not trying to diversify at the same rate as other oil companies, such as Shell and BP. Rather, Aramco announced in 2021 that the company intended to increase crude capacity from 12m barrels a day to 13m barrels by 2027. In February 2022, following crude's ascent to nearly $ 95 per barrel, Saudi Arabia's Aramco boosted oil prices for clients in Asia, the United States, and Europe. In March 2022, Houthi fighters attacked an Aramco storage site in Jeddah causing

10200-512: Was produced from the Kuff Formation , which is a limestone layer 650 metres (2,130 ft) below the oil producing Arab Zone. In 1994, Aramco discovered more non-associated gas in the deeper Jawf sandstone formation, and built plants in Hawiyah and Haradh to process it. This increased the capacity of the Master Gas System to 9.4 billion scfd. In 1973, following US support for Israel during

10302-405: Was produced from the Kuff Formation , which is a limestone layer 650 metres (2,130 ft) below the oil producing Arab Zone. In 1994, Aramco discovered more non-associated gas in the deeper Jawf sandstone formation, and built plants in Hawiyah and Haradh to process it. This increased the capacity of the Master Gas System to 9.4 billion scfd. In 1973, following US support for Israel during

10404-413: Was then a remote part of the desert. During World War II on 19 October 1940 Dhahran was struck by Italian Royal Air Force ( Regia Aeronautica ) as a part of Bombing of Bahrain , causing minimal damage. In 1944, the United States was authorized to build an air base in Dhahran (officially referred to as Dhahran Airfield). Construction began in 1945 and was completed in 1946. The base was turned over to

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