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

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  • Hertog, Steffen

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.

Suggested Citation

  • Hertog, Steffen, 2008. "Petromin: the slow death of statist oil development in Saudi Arabia," LSE Research Online Documents on Economics 29865, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:29865
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    File URL: http://eprints.lse.ac.uk/29865/
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    Cited by:

    1. James C. A. Redman, 2020. "An Overview of Innovation in the Arab Gulf States: From Origins and Five‐Year Plans to New Cities and Indices," Social Science Quarterly, Southwestern Social Science Association, vol. 101(7), pages 2485-2506, December.
    2. Faudot, Adrien, 2014. "Le régime rentier d’accumulation en Arabie saoudite et son mode de régulation," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 16.
    3. Hertog, Steffen, 2017. "A quest for significance: Gulf oil monarchies' international 'soft power' strategies and their local urban dimensions," LSE Research Online Documents on Economics 69883, London School of Economics and Political Science, LSE Library.
    4. Oliver McPherson‐Smith, 2021. "Diversification, Khashoggi, and Saudi Arabia’s Public Investment Fund," Global Policy, London School of Economics and Political Science, vol. 12(2), pages 190-203, April.

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