Saudi Arabia's leading oil company, Aramco, has announced the appointment of Nasir al-Naimi and Mohammed Al Qahtani as presidents of its upstream and downstream businesses, respectively. This strategic move aims to support Aramco's growth plans and enhance operational and financial performance.

Effective from July 1, these newly created positions and appointments have received board approval, as stated by the state oil company. Aramco's President and CEO, Amin Nasser, expressed his belief that this decision will drive upstream capacity growth and downstream expansion.

Both Nasir al-Naimi and Mohammed Al Qahtani have been overseeing their respective businesses for several years. Nasir al-Naimi assumed the role of executive vice president of upstream in April 2021, while Mohammed Al Qahtani has been serving as the executive vice president of downstream since September 2020.

It is important to note that this move is not in preparation for any listing, according to a source with direct knowledge of the matter. Instead, it signifies an elevation of their positions to support the planned growth in the upstream and downstream sectors.

Aramco went public on the Saudi stock exchange in late 2019, raising $25.6 billion through its initial public offering (IPO). Subsequently, additional shares were sold under a "greenshoe option," bringing the total raised to $29.4 billion.