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Saudi Aramco has created new executive positions to support the expansion of its upstream and downstream businesses.
The state-owned oil major promoted the current upstream executive vice president Nasir K. Al-Naimi to the newly created position of president.
Mohammed Y. Al Qahtani, currently serving as downstream executive vice president, is promoted to president.
Amin H. Nasser, Aramco President and CEO, said: "We expect this decision to help drive operational and financial performance, supporting our upstream capacity growth and our downstream expansion, together with our ambition to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions across wholly owned operated assets by 2050."
Both positions will report to Nasser, the company said in a statement on Thursday.
Aramco made a net profit of $31.9 billion in Q1, down 19% from a year earlier.
The company, which recently made key investments in the US as well as partnerships in China and South Korea, said it is on track to expand its downstream business.
The Saudi government directly owns 90% of Aramco, with a further 8% held by the sovereign wealth fund PIF.
(Reporting by Brinda Darasha; editing by Seban Scaria)
