Aramco Names Presidents for Upstream and Downstream Businesses

Hadeel Al Sayegh and Maha El Dahan
Thursday, May 18, 2023

 Saudi Arabian oil giant 2 Aramco on Thursday named Nasir al-Naimi and Mohammed Al Qahtani as presidents of its upstream and downstream businesses, respectively, in a move designed to support the company's growth plans. 

The newly created positions and appointments, which have been approved by the board, will be effective from July 1, the state oil company said. "We expect this decision to help drive operational and financial performance, supporting our upstream capacity growth and our downstream expansion," Aramco President and Chief Executive Officer Amin Nasser said in a statement. 

Both executives have already been running the businesses for years. Al-Naimi has been executive vice president of upstream since April 2021 while Al Qahtani served as the executive vice president of downstream since September 2020. 

"The move is not a preparation for any listing," one source with direct knowledge of the matter said. "It is more an elevation of their positions to help with growth planned in these two business areas," he said. Bloomberg News reported on Tuesday that Aramco's plans for another stock offering were picking up pace. Aramco later declined to comment on the report to Reuters. 

Aramco listed on the Saudi bourse in late 2019, raising $25.6 billion in its IPO and later sold more shares under a "greenshoe option", to raise the total to $29.4 billion. The Saudi state remains Aramco's biggest shareholder, with 90.18% of the world's biggest oil company. 

(Reuters - Reporting by Hadeel Al Sayegh and Maha El Dahan; Editing by Jacqueline Wong and Emelia Sithole-Matarise)

Categories: Energy Middle East Industry News Activity People & Company News

Related Stories

Southeast Asia’s 2GW Cross-Border Offshore Wind Scheme Targets 2034 Buildout

RINA Wins FEED Contract for Petronas’ Flagship CCS Project in Malaysia

ABL Secures Rig Moving Assignment with India's ONGC

Pakistan, Türkiye Deepen Oil and Gas Ties with Offshore Indus-C Block Deal

Vietsovpetro Brings BK-24 Oil Platform Online Two Months Early

MODEC Ramps Up Hammerhead FPSO Work After ExxonMobil's Go-Ahead

Russia Targets 2028 for Sakhalin-3 Gas Project Start Up

MDL Secures Cable Laying Job in Asia Pacific

Hibiscus Petroleum Starts Drilling at Teal West Field off UK

Four Jack-Up Drilling Rig Deals Set to Bring In $129M for Borr Drilling

Current News

Malaysia’s Petronas and Oman’s OQEP Strengthen Oil and Gas Ties

Southeast Asia’s 2GW Cross-Border Offshore Wind Scheme Targets 2034 Buildout

Pharos Energy Kicks Off Drilling Campaign Offshore Vietnam

Viridien to Shed More Light on Malaysia’s Offshore Oil and Gas Potential

US Pressure on India Could Propel Russia's Shadow Oil Exports

Energy Drilling’s EDrill-2 Rig Starts Ops for PTTEP in Gulf of Thailand

RINA Wins FEED Contract for Petronas’ Flagship CCS Project in Malaysia

ABL Secures Rig Moving Assignment with India's ONGC

Pakistan, Türkiye Deepen Oil and Gas Ties with Offshore Indus-C Block Deal

Eni-Petronas Gas Joint Venture Up for Launch in 2026

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com