State oil giant Saudi Aramco said Aug. 23 it was setting up a new corporate development organization to oversee the company's assets and secure greater access to growth markets and technologies.

The new organization, which will be led by Senior Vice President Abdulaziz al-Gudaimi and start operating on Sept. 13, will "support rapid and effective decision-making on the portfolio and corporate development activities," Aramco, the world’s top oil-producing company, said in a statement.

The company's CEO Amin Nasser said that the organization would focus on opportunities for growth in order to maximize value for Aramco's shareholders.

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Gudaimi has been working as senior vice president of downstream at Aramco, leading the company’s ambitious plans to expand its refining and petrochemical business at home and abroad.

Mohammed al-Qahtani, currently senior vice president upstream, will take over the downstream portfolio, people familiar with the matter said, adding that Nasir Naimi, vice president of petroleum engineering will be named as acting head of upstream.

Aramco's profit plunged 73% in the second quarter of the year, it said this month, as a slump in energy demand and prices due to the coronavirus crisis hit sales.