Do we like them?

Do we like Saudi Aramco?

State-controlled oil and gas giant, the world's biggest oil producer by reserves, based in Dhahran, Saudi Arabia

Our score: 3 out of 10. Probably not for us. It's a huge, reliable energy supplier, but its emissions are enormous and critics say its climate claims don't add up.

Aramco began in 1933 when Saudi Arabia granted oil exploration rights to what is now Chevron. The kingdom bought in from the 1970s and had 100% by 1980. It listed a sliver of shares in 2019, but Britannica says it's still almost entirely government-owned.

Aramco's annual report shows the Saudi government still held 81.48% directly in 2024, and other state-linked funds hold much of the rest. Public shareholders have only a tiny slice. Amin Nasser, an Aramco engineer since 1982, has been CEO since 2015.

Right now it's at the centre of the Strait of Hormuz crisis. Nasser told CNBC that Aramco ramped up its pipeline capacity to 7 million barrels a day. Reuters-sourced reports say he warned global stockpiles are 'scarily thin'. That's a real supply role, though it's his own account.

The climate record is the big problem. Carbon Tracker said Aramco's approach to cutting emissions 'lacks credibility', and ClientEarth says it has no plans to cut oil and gas output by 2030. UN-appointed experts also wrote to it about climate-linked human rights concerns.

On security, Aramco confirmed a 2021 leak of company data held by contractors, after reports of a $50m ransom demand. It said its own systems weren't breached. All told, the score is low because of the emissions, the state control and the greenwashing criticism.