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Aramco restructures its marketing department

By : Marwa Mahmoud

Saudi Aramco” has announced the reorganization of its refining, processing and marketing sector, in a step towards supporting integration in all phases of the company’s hydrocarbon value chain.

The sector’s operating model is to include four business units, the fuel unit, which includes refining, trade and retail, the chemical unit, the electric power unit, and finally the pipeline and distribution unit.

These units will receive support from three administrative levels: Manufacturing, Strategy, Marketing and Corporate Affairs of Saudi Aramco.

Aramco said earlier Monday that it will announce the results for the second quarter of 2020, on August 10.

The company added that it would announce the results before the start of trading on the Tadawul exchange.

The company said in a statement on the company’s website, which was viewed by Al-Arabiya.net, that it would organize an internet broadcast to announce the results of the second quarter on August 10.

Aramco CEO Amin Al-Nasser said in a previous statement that the company will use a mixture of cash and debt to pay the dividends, amounting to $ 18.75 billion for the first quarter of this year.

“It will be a combination of two things,” Al-Nasser told reporters during a telephone conversation when asked about what Aramco would do about the dividends and whether it would knock the debt markets to cover the dividends.

“We would certainly like to use our free cash most of the time, but other debt instruments from banks or bonds are also available to us as we have a strong budget,” Al-Nasser said.

Al-Nasser expected company’s debt ratio to rise after the SABIC deal, and the company targets between 5-15% in terms of borrowing. “Even so, the company has a strong budget even after the SABIC deal, and it will allow the company to implement its obligations and pledge to distribute the profits,” he added.