Saudi Aramco reshuffled top management jobs, appointing an acting head for the upstream business, as the world’s biggest oil producer cuts spending to cope with low oil prices.
Nasir Al Naimi will become head of the upstream division until further notice, said people familiar with matter, who asked not to be identified as the matter is private. Mohammed Al Qahtani, who ran the unit, will become head of downstream business.
Aramco couldn’t be reached for comment immediately.
In the oil industry, the upstream business focuses on exploration and production, while the downstream business focuses on refining, chemicals and marketing. By far, Aramco’s most profitable unit is its upstream business.
The oil producer earlier Sunday said it’ll set up a division for portfolio optimization and strategic alignment, headed by senior vice president Abdulaziz Al Gudaimi. He previously ran Aramco’s downstream business, according to information on the company’s website.