The Saudi Arabian Oil Company, Saudi Aramco, has announced the reorganisation of its downstream business to support and enhance integration across the hydrocarbon value chain and better position the company to drive financial performance, value creation and global growth
Saudi Aramco’s downstream operating model will include four commercial business units: fuels (includes refining, trading, retail and lubes); chemicals; power; and pipelines, distribution and terminals.
These business units will be supported by three corporate functions: manufacturing, strategy and marketing and affiliates affairs.
This reorganisation is designed to enhance the effectiveness and efficiency of the company’s existing downstream assets, but does not represent a fundamental change in the overall business structure.
Abdulaziz M. Al Gudaimi, senior vice-president of Saudi Aramco Downstream, said, “This reorganisation is yet another step in the company’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, which is expected to be in place by the end of the year, further strengthens the company’s industry leadership in safety, sustainability, efficiency and reliability.
Saudi Aramco has a large, strategically integrated global downstream business that leverages the company’s competitive upstream position.
The company’s downstream strategy focuses on creating growth opportunities across the hydrocarbon chain in order to expand the company’s sources of earnings, providing resilience to oil price volatility and capitalising on rising demand for petrochemical products.
