Insight - Saudi Aramco’s aspirations

Aramco, as the company is widely known, is creating a new corporate development organisation that will focus on “portfolio optimisation, ” with a brief to “assess existing assets” and boost access to “growth markets and technologies.”

SAUDI Arabia Oil Co’s senior management reshuffle is more than just a game of high-level musical chairs at any old energy company.

The oil giant faces an uphill battle to meet promises made before its record-setting initial public offering (IPO) last year – and before the coronavirus pandemic hit – to deliver a US$75bil dividend payment this year and, presumably, a similar sized payout in 2021. It needs to adapt to meet the challenge.