RIYADH | SAUDI ARABIA – State energy giant 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 around 5 million bpd now. Aramco is expanding its refining business at home as well as in new markets, particularly in Asia.
In June, Aramco completed its purchase of a 70% stake in SABIC, the world’s fourth-largest petrochemicals company, from for $69.1 billion.
BREAKING NEWS | Trump Says Beirut Explosion Seems To Be ‘Bomb Of Some King’
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BREAKING NEWS | Trump Says U.S. Ready To Assist Lebanon After ‘Terrible Attack’
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BREAKING NEWS | U.K. PM Johnson Offers Support To Beirut After Massive Blast
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BREAKING NEWS | France Says Ready To Help Lebanon Following Blast
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BREAKING NEWS | Massive Blast Rips Through Beirut, Killing 50 And Injuring Thousands
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BREAKING NEWS | Saudi Arabia Following With Great Concern Consequences Of Beirut’s Explosion: SPA
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TRAVEL | Jordan Delays Resuming International Flight After COVID-19 Surge Abroad
AMMAN – Jordan on Tuesday postponed a resumption of international flight services that was planned for Wednesday almost five months after they were suspended due to the coronavirus outbreak, officials said. Civil Aviation Commission chief Haitham Mistro has announced last month that Queen Alia International Airport outside the capital Amman would reopen on Aug.5 for … Continue reading TRAVEL | Jordan Delays Resuming International Flight After COVID-19 Surge Abroad
SPORT | Red Card For Virus As Saudi Pro League Returns With Riyadh Derby
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ROYALS | Former King Juan Carlos To Leave Spain Amid Corruption Allegations
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Athletics: Doha Diamond League Meeting Brought Forward
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