Aramco introduces new Executive Vice Presidents to optimize operations and expand.
Dhahran, August 10, 2023, Aramco, the prominent oil company of Saudi Arabia, has recently implemented notable structural modifications by incorporating fresh executive roles in its Upstream and Downstream operational divisions. The establishment of these positions, referred to as business Line Executive Vice Presidents (EVPs), aims to optimize the company's operations and stimulate expansion in these pivotal domains. In a strategic maneuver that is in line with its overarching vision and worldwide investment portfolio, the corporation has recently implemented novel roles. The aforementioned designations, commonly referred to as the upstream President and downstream President, were officially instituted during the month of July. The primary objective is to enhance the company's strategic goals throughout its entire value chain. In a significant and consequential resolution approved by the esteemed Board of Directors, a set of four pioneering appointments for the highly sought-after role of Business Line EVP have been officially declared. The aforementioned appointments, scheduled to commence on September 1, 2023, signify a noteworthy milestone in the trajectory of the company. In a recent development, Abdul Hameed A. Al Dughaither has taken up the prestigious role of Business Line Executive Vice President of Exploration, Petroleum Engineering, and Drilling, thereby contributing to the advancement of the energy sector. The selection of Al Dughaither for this appointment serves as a validation of his remarkable proficiency and vast knowledge within the domain. Furthermore, the esteemed appointment of Abdulkarim A. Al Ghamdi as the Business Line Executive Vice President of Gas exemplifies the organization's unwavering dedication to upholding exceptional standards within this pivotal domain. These strategic appointments are anticipated to usher in a transformative period of economic expansion and technological advancement for the organization. Within the framework of a hierarchical organizational structure, it is imperative to acknowledge that both aforementioned positions bear the responsibility of being answerable to the esteemed Upstream President. In a notable development, Downstream has recently announced the strategic placement of two pivotal individuals. Ibrahim Q. Al Buainain has been strategically selected to assume the crucial role of Business Line Executive Vice President of Global Manufacturing, a position that holds significant influence over the operational aspects of the organization's manufacturing activities on a global scale. Similarly, Yasser M. Mufti has been entrusted with the responsibility of Business Line Executive Vice President of Products and Customers, a role that encompasses the management and development of the organization's product portfolio and customer relationships. The strategic decisions being made are anticipated to exert a substantial influence on the company's operational dynamics and overarching trajectory of growth. In the context of an organizational framework where both positions carry substantial significance, it is pertinent to acknowledge that they both possess a direct reporting line to the esteemed Downstream President. In a notable display of market dynamics, the main index of the Saudi Stock Exchange concluded today's trading session with a significant surge of 137.91 points, showcasing a positive trajectory. The remarkable achievement of the index resulted in a final value of 11424.12 points, evoking a sense of optimism among investors and market participants. According to the latest report, the trading activity under consideration has generated an impressive cumulative value of SAR 6.2 billion. The impressive magnitude of this value has been derived from the exchange of a considerable quantity of shares, culminating in a cumulative sum of $215 million. Regrettably, the Saudi Parallel Market Index (NOMU) experienced a substantial downturn of 121.76 points, culminating in a closing value of 23580.70 points at the end of the trading day. The downward trend observed in the market has raised concerns among market participants, with a total valuation of SAR 45.3 million accompanying this decline.