Aramco, Arabian American Oil Co.

"ARAMCO" ("Arabian American Oil Co.") (RU: "Арамко") is the oil monopoly of the USA. It has been founded in 1933 within the Delaware state under the name of "California Arabian Standard Oil Co.", and has been renamed in 1944 to "Aramco".

There are the shareholders of "Aramco" the largest American oil monopolies, namely, the "Standard Oil Company of California", "Exxon", "Texaco" (28 and 1/3 % of the shares each), and the "Mobil Oil" (15% of the shares). It performs its activity exclusively within the territory of the Saudi Arabia. It specializes on the exploration, extraction, transportation, and processing of the oil, and also of the associated gas. "Aramco" is the largest oil extracting company among the industrially developed capitalistic and developing countries, it accounted in 1981 for 23% of the oil extraction. Till 1973, it conducted the extraction on the conditions of concession. Since January of 1973, the government of the Saudi Arabia has purchased the 25% stake of extraction, and since January of 1974, the 60% stake of extraction. There has been announced in 1980 the transfer of the entire property of the "Aramco", which is situated on the territory of the Saudi Arabia, to its government (with the payment of compensation to shareholders, and with retaining to them of the right to the preferential purchasing of the Saudi oil).

"Aramco" acts as the contractor within the oil industry of the Saudi Arabia, receiving the payment, which is provided in the form of the discount on the price of oil. It conducts the extraction within the eastern regions of the country, on the former concession territory, with the total area of 220 thousand square kilometres, on which there have been explored (1982) 47 oil fields (15 of them are operated). The proven and probable oil reserves of these deposits are 24.4 billion tonnes, including the proven 15.5 billion tonnes (1980); the proven and probable gas reserves are 3.2 trillion cubic metres, including the proven 1.9 trillion cubic metres. The extraction of the oil has been 478.9 million tonnes during the 1981. The extraction of the gas has been 53.4 billion cubic metres during the 1980. "Aramco" provides 98% of the oil extraction of the Saudi Arabia, and purchases most of the oil, which is extracted by it (71% during the 1981), which mainly is exported, predominantly into the countries of the Western Europe, into the USA and Japan. During the 1982, at the enterprises of "Aramco", the quantity of the employees has accounted for 53.4 thousand.