SAUDI Aramco has announced that it is reorganising its downstream business as part of plans to enhance the efficiency of the existing downstream assets.
Aramco’s downstream business focusses on creating growth opportunities across the hydrocarbon chain as demand for petrochemical products grows, and also makes the company more resilient to changes in oil prices.
The restructure will create four commercial business units: fuels; chemicals; power; and pipelines, distributions, and terminals. Fuels includes refining, trading, retail, and lubricants. The business units will be supported by three corporate functions: manufacturing; strategy and marketing; and affiliate affairs.
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.”
The restructuring is expected to be completed by the end of the year.
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