Saudi Aramco says reorganizing downstream business to support growth

Saudi Aramco says reorganizing downstream business to support growth

Saudi Aramco says reorganizing downstream business to support growth

Saudi Aramco says reorganizing downstream business to support growth

Saudi Aramco says reorganizing downstream business to support growth

A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia. (File/Reuters)

Short Url

Saudi Aramco says reorganizing downstream business to support growth

The downstream model will be divided into four units

Updated 14 July 2020

Follow @arabnews

DUBAI: Saudi Aramco said on Tuesday that it will be reorganizing 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 reorganization 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.

The company plans to raise its refining capacity “” inside Saudi Arabia and abroad “” to 8-10 million bpd, from