Petromin: The slow death of statist oil development in Saudi Arabia

Steffen Hertog

Business History, 2008, vol. 50, issue 5, 645-667

Abstract: The paper recounts the history of Saudi Arabia's first national oil company, Petromin, which was originally supposed to take the place of foreign-owned Aramco. As a result of Petromin's inefficiency and personal rivalries among the Saudi elite, however, Petromin was progressively relegated to the sidelines in favour of a gradually 'Saudiised' Aramco. As a result, the organisation of the Saudi oil sector today is very different from - and more efficient than - that of most other oil exporters in the developing world. The paper concludes with a tentative taxonomy of national oil companies, based on the circumstances of nationalisation.

Keywords: Saudi Arabia; Aramco; Petromin; national oil companies; political economy; oil; rentier state; Fahd; Yamani; industrialisation; nationalisation; state-building (search for similar items in EconPapers)
Date: 2008
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Citations: View citations in EconPapers (3)

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DOI: 10.1080/00076790802246087

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