Saudi Aramco is set to reorganize its downstream business to support the company’s vision of becoming the ‘leading’ integrated energy and chemical company worldwide.
Saudi Arabia’s state-owned petroleum and the natural gas firm recently made this announcement, aimed at enhancing integration across the hydrocarbon value chain, thereby, allowing the company to increase its financial performance.
The downstream operating model will comprise four commercial business units.
These business units include fuels; chemicals; power; and pipelines, distribution, and terminals.
The fuels business unit will include refining, trading, retail, and lubes.
“I am excited that we are launching a new operating model that we believe will help streamline our operations and reinforce our position as a major global energy and petrochemicals player, Aramco Downstream senior vice-president Abdulaziz Al Gudaimi said.
They added: “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.”
The reorganisation is scheduled for completion by the end of this year.