The Saudi Arabian Oil Company (Aramco) has announced the establishment of an integrated Corporate Development organization to optimise the Company's portfolio.
Corporate Development is mandated to create value, assess existing assets and secure greater access to growth markets and technologies through portfolio optimisation and strategic alignment, said a statement.
The organisation will support rapid and effective decision-making on the company’s portfolio and corporate development activities, with the goal of strengthening the company’s resilience, agility and ability to respond to changing market dynamics.
The organisation will be led by Senior Vice President Abdulaziz M Al-Gudaimi, reporting directly to the President & CEO, and will become operational starting September 13, 2020.
Aramco President & CEO Amin H Nasser said: “We continue to leverage our capabilities in assessing our existing portfolio, identifying new opportunities and adapting to a rapidly evolving global landscape. The Corporate Development organization will focus on growth opportunities as we further sharpen and strengthen our strategic focus to optimize our portfolio and, in doing so, maximise value for our shareholders. It will also enhance our abilities to harness robust processes to efficiently and effectively execute our business development strategy, as well as increase our agility and ability to adapt to changing market dynamics.”
This constitutes a refinement of Aramco’s existing corporate development model and does not represent a fundamental organisational change, and will support the company’s efforts to identify the best opportunities and successfully grow and optimize its business, the statement said.
