Saudi Aramco sets up corporate development organization

Saudi Aramco announced today, Aug. 23 the establishment of an integrated corporate development organization to optimize the company's portfolio.

The new organization aims to create value, assess existing assets and secure greater access to growth markets and technologies through portfolio optimization and strategic alignment, the major oil producer said in a statement.

It 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.

“This constitutes a refinement of Aramco’s existing corporate development model and does not represent a fundamental organizational change, and will support the Company’s efforts to identify the best opportunities and successfully grow and optimize its business,” Saudi Aramco statement added.