Saudi Aramco says will restructure business on oil refining, marketing by end of 2020
Moscow/Sputnik: Saudi Aramco, the Middle Eastern oil giant, will reorganize its downstream sector – oil processing and marketing – by the end of 2020 to strengthen its global growth strategy and increase the operational efficiency, the company announced on Tuesday.
"The Saudi Arabian Oil Company ("Aramco" or "the Company") today announced the reorganization 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 said in an official statement.
The company’s downstream operation model will comprise four main commercial business sectors, such as fuels, with its refining, trading and retail, chemical agents, the power sector and pipelines, the statement read.
"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," Abdulaziz Al Gudaimi, the senior vice president of Aramco Downstream system, said.
The reorganization, "which is expected to be in place by the end of the year," will enhance the company’s industry leadership in safety and sustainability, according to the statement.
The Downstream strategy is primarily focused on creating opportunities for the company’s growth "across the hydrocarbon chain," providing new income-generation resources, as well as reaching "resilience to oil price volatility" on the market.