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Saudi Arabia's Aramco Creates New Positions for Upstream, Downstream Businesses

A Saudi Aramco sign is pictured at an oil facility in Abqaiq, Saudi Arabia, Oct. 12, 2019. (Reuters Photo)
A Saudi Aramco sign is pictured at an oil facility in Abqaiq, Saudi Arabia, Oct. 12, 2019. (Reuters Photo)
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Saudi Arabia's Aramco Creates New Positions for Upstream, Downstream Businesses

A Saudi Aramco sign is pictured at an oil facility in Abqaiq, Saudi Arabia, Oct. 12, 2019. (Reuters Photo)
A Saudi Aramco sign is pictured at an oil facility in Abqaiq, Saudi Arabia, Oct. 12, 2019. (Reuters Photo)

Saudi Arabian oil giant Aramco on Thursday named Nasir Al-Naimi as president of its upstream business and Mohammed Al-Qahtani as president of its downstream business.

The state oil company said the newly created positions and appointments, which have been approved by the board, will be effective from July 1.

It also said that the board approved the positions as part of the company’s transition to meet the global energy needs.

Aramco listed on the Saudi bourse in late 2019, raising $25.6 billion in its IPO and later sold more shares to raise the total to $29.4 billion.

 

 

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Egypt's Net Foreign Assets Slid in October

A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)
A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)
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Egypt's Net Foreign Assets Slid in October

A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)
A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)

Egypt's net foreign assets (NFAs) dropped by $1.12 billion in October after a rise in September, central bank data shows.

NFAs declined to the equivalent of $9.21 billion at the end of October from $10.33 billion at the end of September, according to Reuters calculations based on the official central bank currency rates. The decline followed a $591 million gain in September.

Egypt had been using NFAs, which include foreign assets at both the central bank and commercial banks, to help to prop up its currency since as long ago as September 2021.

NFAs turned negative in February 2022 and only returned to positive territory in May this year.

Foreign assets rose at the central bank in October but dipped at commercial banks while foreign liabilities climbed at both commercial banks and the central bank.