Nasir al-Naimi and Mohammed Al Qahtani were named presidents of Saudi Arabian oil giant Aramco’s upstream and downstream sectors, respectively, on Thursday, in a move meant to assist the company’s expansion objectives.
The newly formed posts and appointments, which were authorized by the board, will take effect on July 1, according to the state oil corporation.
“We expect this decision to help drive operational and financial performance, supporting our upstream capacity growth and downstream expansion,” said Aramco President and CEO Amin Nasser in a statement.
Both executives have already been running the businesses for years.
Al-Naimi has been executive vice president of upstream since April 2021 while Al Qahtani served as the executive vice president of downstream since September 2020.
“The move is not a preparation for any listing,” one source with direct knowledge of the matter said.
“It is more an elevation of their positions to help with growth planned in these two business areas,” he said.
Bloomberg News reported on Tuesday that Aramco’s plans for another stock offering were picking up pace.
Aramco later declined to comment on the report to Reuters.
Aramco listed on the Saudi bourse in late 2019, raising $25.6 billion in its IPO and later sold more shares under a “greenshoe option”, to raise the total to $29.4 billion.
The Saudi state remains Aramco’s biggest shareholder, with 90.18% of the world’s biggest oil company.