Aramco is reorganizing the refining and marketing sector to support growth

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Economy

Al Ain newsletter Agencies
Saudi oil giant Aramco announced today, Tuesday, the reorganization of its refining, processing and marketing activities.

Aramco’s reorganization aims to support and tighten integration across all stages of the hydrocarbon value chain, and to strengthen the company’s position in terms of enhancing financial performance, creating value and driving global growth.

The company said in a press statement that the operating model of the sector is to include 4 business units that are “the fuel unit, which includes refining, trade, retail, lubricating oils, the chemical unit, the electric power unit, the pipelines, distribution and enforcement unit.”

She added that these units will receive support from 3 administrative levels: manufacturing, strategy and marketing, and corporate affairs of Saudi Aramco.

The company’s statement showed that the reorganization process expected to be implemented by the end of 2020 comes within the framework of enhancing the effectiveness and efficiency of the company’s refining, processing and marketing assets, without making a fundamental change in the organizational structure of the sector’s business, and will enable Aramco to enhance its position in the areas of safety, sustainability, efficiency and reliability.

Abdulaziz Al-Qadimi, Senior Vice President, Refining, Processing and Marketing, in Saudi Aramco, said that the company seeks through the new operating model to improve the flow of its business and enhance our position as a major global company in the field of energy and petrochemicals.

He stressed that the application of this new model represents a step in the framework of Aramco’s strategy to develop an integrated global sector for refining, processing and marketing that would contribute to enhancing competitiveness by achieving the largest possible value in all stages of the hydrocarbon value chain.





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