Saudi Arabia Assigns New Chairman for Aramco

Published September 3rd, 2019 - 09:00 GMT
The move comes as the government prepares for an IPO of the state-owned oil company.
The move comes as the government prepares for an IPO of the state-owned oil company. (AFP)
Highlights
It was an important step “to prepare the company for public listing.

Energy Minister Khalid Al Falih has been removed from his position as chairman of Saudi Aramco, government sources has confirmed.

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Al Falih will be replaced by Yasir Al Rumayyan, head of the Kingdom’s sovereign wealth fund. Al Rumayyan is already an Aramco board member.

The move comes as the government prepares for an IPO of the state-owned oil company. Al Falih congratulated Al Rumayyan on his appointment. He added that it was an important step “to prepare the company for public listing.”


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