Saudi Aramco announces reorganization of the refining, processing and marketing sector

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RIYADH – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) announced today, Tuesday, a reorganization of its refining, processing and marketing activities.

The company said, in a statement, that the reorganization comes in a step that will contribute to supporting and tightening integration in all phases of the hydrocarbon value chain, and strengthening the company’s position in terms of enhancing financial performance, creating value and driving global growth.

Aramco added that the sector’s operating model is to include 4 business units: The fuel unit (includes refining, trade, retail, and lubricating oils), the chemical unit, the electric power unit, the pipeline, distribution and enforcement unit. These units will receive support from 3 administrative levels: manufacturing, strategy and marketing, and Saudi Aramco affiliate affairs.

Aramco stressed that this reorganization process 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.

In this regard, Abdulaziz Al-Qadimi, the Supreme Vice President for Refining, Processing and Marketing, in Saudi Aramco, said that the company is seeking, through the launch of the new operating model, to improve business flows and enhance its position as a major global company in the field of energy and petrochemicals.

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

Al-Qadimi expected that the reorganization will take place by the end of this year, indicating that it will enable Saudi Aramco to enhance its leading position in the areas of safety, sustainability, efficiency and reliability.

It is noteworthy that Saudi Aramco possesses a global sector for refining, processing and marketing for which the elements of strategic integration are available, in addition to its focus on the company’s position and competitiveness in the exploration and production sector.

The company’s refining, processing and marketing strategy revolves around creating growth opportunities throughout the hydrocarbon chain of phases to enable the company to develop its revenue sources and give it sufficient flexibility to cope with fluctuations in oil prices and benefit from the increasing demand for petrochemical products.

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