December 4, 2023

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Saudi Arabia’s Aramco names presidents for upstream and downstream companies

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Riyadh: Saudi Arabian oil large Aramco on Thursday named Nasir al-Naimi and Mohammed Al Qahtani as presidents of its upstream and downstream companies, respectively, in a transfer designed to assist the corporate’s development plans.

The newly created positions and appointments, which have been accepted by the board, shall be efficient from July 1, the state oil firm mentioned.

“We count on this choice to assist drive operational and monetary efficiency, supporting our upstream capability development and our downstream growth,” Aramco President and CEO Amin Nasser mentioned in an announcement.

Each executives have already been working the companies for years.

Al-Naimi has been govt vice chairman of upstream since April 2021 whereas Al Qahtani served as the manager vice chairman of downstream since September 2020.

“The transfer isn’t a preparation for any itemizing,” one supply with direct information of the matter mentioned.

“It’s extra an elevation of their positions to assist with development deliberate in these two enterprise areas,” he mentioned.

Aramco listed on the Saudi bourse in late 2019, elevating $25.6 billion in its IPO and later offered extra shares beneath a “greenshoe choice”, to boost the full to $29.4 billion.

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