The Saudi Arabian Oil Company (Aramco) recently 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.
The company’s 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: Manufacturing, Strategy & Marketing and Affiliates Affairs.
This reorganisation 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.
Abdulaziz M. Al Gudaimi, Senior Vice President of Aramco Downstream, said: “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. 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.”
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.
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/17072020/aramco-announces-downstream-business-reorganisation/
You might also like
Iain Gilmore, Senior Manager, Catalyst Technologies, Johnson Matthey, and David Kettner, President and General Counsel of Virent, shed light on a groundbreaking development.