Saudi Aramco reorganized 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, the oil giant said in a statement on Tuesday.
The downstream operating model will include four commercial business units: fuels (includes refining, trading, retail and lubes); chemicals; power; and pipelines, distribution & terminals.
These business units will be supported by three corporate functions of manufacturing, strategy & marketing, and affiliates affairs, the statement added.
The reorganization is designed to enhance the effectiveness and efficiency of Aramco's existing downstream assets, but does not represent a fundamental change in the overall business structure.
“I am excited that we are launching a new operating model that will help streamline our operations and reinforce our position as a major global energy and petrochemicals player,” Abdulaziz Al Gudaimi, Senior Vice President of Aramco Downstream, said.
He also affirmed that this reorganization is yet another step in Aramco’s strategy to develop a global integrated downstream business that enhances competitiveness by maximizing value capture across the hydrocarbon value chain.
The reorganization, which is expected to be in place by the end of the year, will further strengthen Aramco’s industry leadership in safety, sustainability, efficiency and reliability.
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