PARIS, France - Saudi Arabia oil giant Aramco has announced the appointment of two new presidents for its upstream and downstream businesses, effective from July 1. The move is part of the company’s strategy to enhance its performance and growth in the global energy market.
Nasir al – Naimi, currently the vice president of petroleum engineering and development, will become the president of the upstream business, which includes exploration production and gas operations. Al-Naimi has over 30 years of experience in Aramco and has held various leadership positions in engineering, drilling, and reservoir management.
Mohammed Al Qahtani, currently the senior vice president of upstream, will become the president of the downstream business, which includes refining, chemicals, power generation, and distribution. Al Qahtani has over 25 years of experience in Aramco and has led several strategic initiatives in technology, innovation, and sustainability.
Aramco said the newly created position and appointments, which have been approved by the board of directors, will support the company’s vision to become “the world’s preeminent integrated energy and chemical company’’.
Aramco is the world’s largest oil producer and exporter, with a market capitalization of about $1.8 trillion. The company listed on the Saudi stock exchange in late 2019, raising $29.4 billion in its initial public offering (IPO), the biggest in history.
