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Saudi Aramco to reorganise Downstream business

Saudi Aramco to reorganise Downstream business
The reorganisation is expected to be in place by the end of the year
SAUDI ARAMCO
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Riyadh - Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) will reorganise its downstream business to support and enhance integration across the hydrocarbon value chain and reinforce the company’s position to drive financial performance, value creation, and global growth.

Aramco’s downstream operating model will include four commercial business units, namely fuels, chemicals, power, as well as pipelines, distribution and terminals.

These units will be supported by three corporate functions: manufacturing, strategy and marketing, and affiliates affairs, according to a press release on Tuesday.

Though it is designed to enhance the effectiveness and efficiency of Aramco's existing Downstream assets, the reorganisation does not represent a fundamental change in the overall business structure.

Commenting on the announcement, senior vice president of Aramco Downstream, Abdulaziz Al Gudaimi, said: “This reorganisation is yet another step in Aramco’s strategy to develop a global integrated Downstream business that enhances our competitiveness by maximising our value capture across the hydrocarbon value chain.”

Expected to be in place by the end of the year, the reorganisation further strengthens Aramco’s industry leadership in safety, sustainability, efficiency, and reliability.