Saudi Aramco Splits Its Gas Business Amid Chemicals Expansion - Bloomberg
Saudi Arabia’s state-run energy firm is splitting its gas production division in two, as the fuel becomes increasingly important for expanding its chemicals business and amid efforts to position itself for the energy transition.
Saudi Arabian Oil Co. will create two new divisions, named Southern Area Gas Operations and Northern Area Gas Operations, according to people familiar with the matter. The departments will be run by Wail Al Jaafari and Jumaan Al Zahrani, respectively, according to the people who asked not to be identified. The appointments are awaiting board approval.
Aramco declined to comment.
Gas is becoming increasingly important to Saudi Arabia, the world’s largest oil exporter, as it expands its chemicals business, which uses the fuel for feedstock. The country is also looking to convert its power plants to gas-fired ones, which could free as much as 1 million barrels a day of crude for export.
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