DUBAI: Saudi Aramco said on Sunday it was setting up a new corporate development organisation to oversee the company’s assets and secure greater access to growth markets and technologies.
The new organisation will be led by Senior Vice-President Abdulaziz Al Gudaimi and start operating on 13 September. It will “support rapid and effective decision-making on the portfolio and corporate development activities”, Saudi Aramco said in a statement.
Al Gudaimi has been working as Senior Vice-President Downstream at Saudi Aramco, leading the company’s plans to expand its refining and petrochemical business at home and abroad. Mohammed Al Qahtani, currently Senior Vice-President Upstream, will take over the downstream portfolio. Nasir Naimi, Vice-President of Petroleum Engineering will be named as acting head of upstream.
CEO Amin Nasser said the organisation would focus on opportunities for growth in order to maximise value for Aramco’s shareholders. Aramco’s profit slumped 73 per cent in Q2, 2020. A drop in energy demand and oil prices due to the coronavirus crisis hit sales.