RIYADH: Saudi Arabian Oil Co. has named new presidents for its upstream and downstream businesses as the oil giant looks to materialize its long-term strategies across the global portfolio and value chain.   

According to a press statement, Saudi Aramco has appointed Nasir K. Al-Naimi as the president of its upstream business and Mohammed Y. Al-Qahtani as the president of the downstream business.   

The company’s board has approved the newly created positions and appointments of directors, and the changes will be effective from July 1, 2023.   

Al-Naimi and Al-Qahtani will report to Amin Nasser, president and CEO of Saudi Aramco.   

“I am delighted to announce these appointments, which demonstrate our emphasis on the upstream and downstream components of our business as Aramco continues to transform to meet the world’s energy demand,” said Nasser.   

He added: “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.”