Saudi Aramco reshuffles top management team

The company created a new corporate development team and changed its heads of upstream and downstream

Saudi Aramco, Amin nasser

Saudi Aramco named Nasir Al Naimi as its acting head of upstream, and Mohammed Al Qahtani will take over downstream, Bloomberg reported.

has created a corporate development team led by senior vice president Abdulaziz Al Gudaimi, who previously led the company's downstream arm, to "assess existing assets" and to grow access to "growth markets," the company wrote in an emailed press statement. He will start in this role on 13 September and will report to the CEO.

"The organisation will support rapid and effective decision-making on the company's portfolio," the company wrote.

“We continue to leverage our capabilities in assessing our existing portfolio, identifying new opportunities and adapting to a rapidly evolving global landscape," said Aramco CEO Amin Nasser. "The Corporate Development organization will focus on growth opportunities as we further sharpen and strengthen our strategic focus to optimize our portfolio and, in doing so, maximize value for our shareholders. It will also enhance our abilities to harness robust processes to efficiently and effectively execute our business development strategy, as well as increase our agility and ability to adapt to changing market dynamics.”

The company called it a "refinement" of the company's corporate development model, and not a "fundemental organisational change".

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