Saudi Aramco Makes Leadership Changes in Upstream and Downstream Units
Posted on 08/23/2020
Saudi Arabian Oil Company (Saudi Aramco) formed a new business unit for corporate portfolio optimization and strategic alignment. Saudi Aramco seeks to rejig its orientation toward growth markets and new technologies. The Corporate Development organization will be led by senior vice president Abdulaziz Al-Gudaimi and start operations on September 13, 2020.
The oil giant has reshuffled jobs in its top management ranks, as the organization is coping with prolonged low oil prices. Saudi Aramco’s most profitable division is its upstream unit. Saudi Aramco named Nasir Al Naimi as head of the upstream division until further notice. In addition, Mohammed Al Qahtani, who ran the upstream unit (exploration and production), will become head of the downstream business (refining, marketing, chemicals).
