Saudi Aramco, the world’s biggest oil company, has appointed Nasir al-Naimi and Mohammed Al Qahtani as presidents of its upstream and downstream businesses, respectively. Effective July 1st, the board-approved new positions, and appointments will be in effect.
Al-Naimi has held the position of executive vice president of upstream since April 2021, while Al Qahtani has been serving as the executive vice president of downstream since September 2020.
“We expect this decision to help drive operational and financial performance, supporting our upstream capacity growth and our downstream expansion,” Aramco President and Chief Executive Officer Amin Nasser said in a statement. The Saudi government holds a 90.18% stake in Aramco, which is currently the largest oil company in the world.
Nasser said the new appointments demonstrate the company’s “emphasis on the upstream and downstream components of its business” as it continues to transform to meet global energy demand.
“We expect this decision to help drive operational and financial performance, supporting our upstream capacity growth and our downstream expansion, together with our ambition to achieve net zero Scope 1 and Scope 2 greenhouse gas emissions across wholly owned operated assets by 2050,” Nasser said.
Amin H. Nasser was recently ranked No. 6 in a list of the world’s best CEOs for 2023; meanwhile, Saudi Aramco ranked No. 5 in the CEOWORLD magazine’s ranking of the most influential companies in the world.
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