Saudi Aramco: on Sunday they announced that it was busy setting up a new corporate development organization that will look after the company’s assets and will secure greater access to growth markets and technologies.
About the new corporate development organization
This new organization will start its functioning on 13 September 2020 and will be headed by Senior Vice President Abdulaziz al-Gudaimi.
At present Gudaimi has been working as the Senior Vice President of Downstream at Aramco, his main role is to expand the company’s refining and petrochemical business in the country as well as abroad.
The main aim of the new corporate development organization is to support rapid and effective decision-making on the portfolio and corporate development activities, as informed by the company.
Aramco’s CEO Amin Nasser said that the new organization will mainly focus on the opportunities to expand growth that will maximize value for Aramco’s shareholders.
Gudaimi’s position as the Senior Vice President of Downstream will be filled by Mohammed al-Qahtani, who is currently working as the Senior Vice President Upstream. Sources familiar to the matter said that Nasir Naimi, Vice President of petroleum engineering will be named as acting head of upstream.
About Saudi Aramco
Saudi Aramco is the world’s top oil-producing Saudi Arabian company situated in Dhahran. It is slashing investment so it can fulfill its pledge to pay a dividend of $75 billion in 2020 even while piling on debt.
Coming to the numbers posted by the company, its profit plunged 73 percent in the second quarter of the year, because of the slump in energy demand due to the coronavirus outbreak.
At present Saudi Aramco is adjusting against worldwide reduced energy prices due to the pandemic. The coronavirus outbreak is hammering economies all across the world, with Brent crude falling by 32 percent in 2020 and now it is settling around $45 per barrel.