Saudi Aramco says reorganising downstream business to support growth
State energy giant Saudi Aramco said on Tuesday that it will be reorganising its downstream business to support its global growth strategy, aiming to complete it by the end of this year.
The downstream model will be divided into four units: fuels including refining, trading, retail and lubes; chemicals; power; and pipelines, distribution and terminals, Aramco said in a statement.
“This reorganisation is designed to enhance the effectiveness and efficiency of Aramco’s existing downstream assets, but does not represent a fundamental change in the overall business structure,” Aramco said. Aramco, the world’s biggest oil-producing company, is expanding its downstream, or refining and marketing, business globally. It pumps around 8.5 million barrels per day (bpd) of crude, of which it exports about 6 million bpd.
