RIYADH: Saudi Aramco has promoted two executives to new posts in a push to grow its trading units, according to a Bloomberg report.
The report stated that Ibrahim Al-Buainain who was serving the company as the head of trading has been promoted as its new vice president for trading, sales and supply planning.
Aramco also promoted Mohammed Al-Mulhim who was the deputy of Al-Buainain as the new CEO of Aramco Trading Co.
The decision to promote these two trading executives came at a time when international oil futures jumped above $120 a barrel following Saudi Arabia’s decision to hike crude prices for July.
According to the Bloomberg report, this shift comes as a part of Aramco’s plans to consider an initial public offering for its trading units. Aramco, however, has not commented on any IPO plans yet.
