The Arabian-American Oil Company (ARAMCO) is the predecessor company to Saudi Aramco, the largest oil company in the world. ARAMCO was founded by the Standard Oil Company of California (SOCAL-Chevron) in 1933 after the Saudi Arabia government granted it a concession. SOCAL began oil exploration using its subsidiary California Arabian Standard Oil Company (CASCO). In 1936 The Texas Company (TEXACO) bought half of CASCO and in 1938 oil was discovered near Dhahran, Saudi Arabia. This partnership was named ARAMCO in 1944. In 1948 the predecessor companies of ExxonMobil joined the ARAMCO partnership.

In 1980 the Saudi government completed the gradual buyout of ARAMCO and in 1988 changed its name to the Arabian Oil Company. Its current net worth is estimates to be between US$ 1.25 Trillion and US$ 10.0 Trillion, making it the world's most valuable company. It is currently 100% owned by the Saudi government. Recently there has been some indication that ARAMCO may offer shares to the public. This may have been as a result of the impact of low oil prices and the high level of interest in renewable energy sources.

These notes were issued prior to the introduction of paper money in Saudi Arabia for use in ARAMCO facilities. My understanding is the Senior Staff consisted of the employees mostly from western countries.

Several series have been reported, however the 10 Points pictured here are labeled as Series Six,  which appear to be the most popular series to have survived. All are considered "Chits" as they were issued for use by "designated ARAMCO senior staff" members for use in local stores.

It has been reported that while these notes were intended for internal use, they also circulated among the local population and ARAMCO honoured notes presented by local residents. They also were apparently used in local gambling and were nicknamed "camoreas" by Italian expats. 

One point was equal to one dollar in stores. According to Vol. 9, No. 20, the May 26, 1954 issue of Arabian Sun and Flare, the publication of the Arabian American Oil Co., in Dhahran, Saudi Arabia, the ten point notes were replaced by Pilgrim Receipts in denominations of 10 Riyals on May 29, 1954. The ten point coupons were not issued after May 27, 1954 and could be presented for use until the end of June at which time they were convertible into Pilgrim Receipts or silver riyals only at company cash offices.

ARAMCO redeemed all notes when Saudi Arabia began issuing their own currency in 1953. They rarely come on the market and when they do they sell for $100 to $700 in any condition. 

Recent Info provided by DJ:

"The Intermediate Camp was where the blue-collar craftsman lived and ate.  They were primarily skilled, third-country nationals, like Italians and Indians.

There was also a Saudi Arab Camp, but no Points have been found for that class of employee.

Lastly there are two corrections suggested for your write-up (part of which came from the IBNS Journal issue of 1983).

One point was worth one riyal.  The medium of exchange prior to this was silver riyals (and cupro-nickel qirsh ... 20 to the riyal with 1, 2 and 4 qirsh being common).  0.25 and 0.50 silver riyals also circulated.  These could have been represented by the ¼ Point (which you already have an image of) and a ½ Point, yet to be discovered.

In 1988, the Arabian American Oil Company was renamed to the Saudi Arabian Oil Company, or Saudi Aramco for short.  The logo also changed to include the "S".  It was updated again to the current blue, green and white star. "


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