Not necessarily although I hadn’t heard of Saudi Aramco until your comment.

In western terms, the Keiretsu combined vertical and horizontal integration; only a handful of companies owned almost every level of production and had “gentleman’s agreements” to avoid heavy competition with one-another. What makes the Keiretsu unique is that the companies were chosen and consolidated by the US government and structured to be sympathetic to America and unlikely to rebuild the Imperial Army. Former fighter plane manufacturers were made into electric keyboard makers, rifle companies became borers for motors for small cars, etc. It’s why you get scenarios like the OP meme