MoneyNews

Saudi Arabia succeeds Saudi Aramco CEO before IPO

UNITED STATES, WASHINGTON (OBSERVATORY) — Instead of the Minister of Energy Khalid al-Falih, the new chairman of the board of directors of the state-owned company Saudi Aramco was appointed head of the Saudi Arabia sovereign fund Yasir al-Rumayan.

This was reported with reference to unnamed sources in the Bloomberg agency. The decision to appoint a new chairman of the board of directors instead of the head of the Saudi Arabian energy ministry, as noted, was made in order to “avoid conflicts of interest” before preparing for the initial public offering of Saudi Aramco.

As head of the Saudi Arabian National Welfare Fund (PIF) with assets of $ 300 billion, Yasser al-Rumayan actively collaborates with the Russian Direct Investment Fund, takes part in the meetings of the RDIF expert council and representatives of the international investment community at the St. Petersburg International Economic Forum and a number of other venues.

The change of leadership in Saudi Aramco also strengthens the position of Crown Prince of Saudi Arabia, Mohammed bin Salman – according to many estimates, Yasser al-Rumayan is the main economic adviser to the heir to the throne of Riyadh.

The recent steps of the Saudi leadership also lead to a decrease in the influence of the current Minister of Energy of Saudi Arabia.

Khalid al-Falih has served as Chief Executive Officer and Chairman of the Board of Directors of Saudi Aramco since 2009. In 2015, Amin Nasser took over as CEO of the company. Following the current appointment, the Saudi Minister of Energy has been removed from Saudi Aramco’s leadership.

At the same time, a few days earlier, the country’s authorities announced a decision to create a new Ministry of Industry and Mineral Resources, dividing, thus depriving the Ministry of Energy of the country of some of the powers in the raw materials sector of Saudi Arabia.

Online:

This article is written and prepared by our foreign editors writing for OBSERVATORY NEWS from different countries around the world – material edited and published by OBSERVATORY staff in our newsroom.

Our Standards, Terms of Use: Standard Terms And Conditions.

OBSERVATORY NEWS — Breaking news source, real-time coverage of the world’s events, life, politics, business, finance, economy, markets, war and conflict zones.

Contact us: [email protected]

Stay connected with News Observatory and Observatory Newsroom, also with our online services and never lost the breaking news stories happening around the world.

Support The OBSERVATORY from as little as $1 – it only takes a minute. Thank you.

We are NEWS OBSERVATORY — the only funding and support we get from people – we are categorically not funded by any political party, any government somewhere or from any grouping that supports certain interests – the only support that makes OBSERVATORY possible came from you.