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It joined with Standard Oil of California (Socal) in half ownership of ventures in the Middle East and Indonesia such as the Caltex group of companies in Bahrain, the Arabian American Oil Company (Aramco) in Saudi Arabia, and holding companies in Sumatra and Java.
After graduation, he spent 10 years in the Middle East, with ARAMCO in Saudi Arabia, and with CARE in Libya.
In the 1970s and '80s, control gradually passed to the Saudi Arabian government, which eventually took over Aramco and renamed it Saudi Aramco in 1988.
Many OPEC countries have state oil monopolies, most notably Aramco in Saudi Arabia, which the country nationalized in 1980, and the five reserve-rich gulf nations all sharply restrict foreign investment and influence over their oil industries.
The new policy initially generated great enthusiasm among Total and other foreign oil companies, which saw it as the kingdom's first step toward reopening its oil sector after nationalizing Aramco in the early 1980s.
Casoc was renamed the Arabian American Oil Company (Aramco) in 1944, and in 1948 Socal and Texaco sold shares in Aramco to other U.S. oil companies, most notably Standard Oil of New Jersey (later Exxon Mobil).
Similar(43)
At a time when national oil companies — like Aramco, Petronas in Malaysia, Petrobras in Brazil and Gazprom in Russia — control large shares of the world's reserves, and nationalistic governments tighten the screws on foreign companies, the traditional role of Western oil companies is under threat.
The first big anti-American demonstration in Saudi Arabia was at the Aramco headquarters in Dhahran, during the 1967 Arab-Israeli war.
Selling shares in Aramco may happen in 2018.
Aramco flew in roughly a dozen American computer security experts.
Saudi Aramco said in a statement that it was inappropriate to comment amid an investigation.
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