The world’s largest oil company, Saudi Aramco, has announced the establishment of an integrated Corporate Development organization in an effort to optimize the company’s portfolio, according to a press release.

This newly founded organization will focus primarily on value creation, assessing existing assets, and securing greater access to growth markets and technologies through portfolio optimization and strategic alignment.

Amin Nasser, CEO of Aramco said of the new business venture: “We continue to leverage our capabilities in assessing our existing portfolio, identifying new opportunities and adapting to a rapidly evolving global landscape. The Corporate Development organization will focus on growth opportunities as we further sharpen and strengthen our strategic focus to optimize our portfolio and, in doing so, maximize value for our shareholders. It will also enhance our abilities to harness robust processes to efficiently and effectively execute our business development strategy, as well as increase our agility and ability to adapt to changing market dynamics.”

This business foray will be headed by Abdulaziz Gudaimi and will become operational on September 13.