DUBAI, May 18, 2010 (AFP) – Saudi Arabian Oil Company (2222.SE) Aramco has appointed Nasser Al-Naimi and Mohammed Al Qahtani as presidents of its upstream and downstream businesses in a move to support the company’s growth plans. .
The state oil company announced that the newly created positions and appointments approved by the board will be effective from July 1.
“We expect this decision to help drive operational and financial performance,” Aramco President and CEO Amin Nasser said in a statement.
Both executives have been running the businesses for years.
Al-Naimi has been the Executive Vice President of Upstream since April 2021, while Al Qahtani has served as the Executive Vice President of Downstream since September 2020.
“The move is not a preparation for any detail,” said a source with direct knowledge of the matter.
“It is to raise their position to help the growth planned in these two business areas,” he said.
Bloomberg News reported Tuesday that Aramco’s plans for another stock offering are gaining momentum.
Aramco later declined to comment on the report to Reuters.
Aramco listed on the Saudi bourse in late 2019, raising $25.6 billion in its IPO and selling additional shares under a ‘green shoe option’, raising the total to $29.4 billion.
The Saudi government remains Aramco’s largest shareholder, with 90.18% of the world’s largest oil company.
Reported by Hadel Al Sayegh; Editing by Himani Sarkar
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