Move seen as prelude to the upcoming state oil giant’s public listing
Saudi Aramco has announced the appointment of Yasir Othman Al-Rumayyan as its new Chairman. Al-Rumayyan is a former investment banker and member of the Company’s Board of Directors since 2016.
He is currently the Governor of the Kingdom’s Public Investment Fund (PIF), a post he was appointed to in September 2015.
He replaced energy minister Khalid Al Falih.
Public Investment Fund, the sovereign wealth fund of Saudi Arabia, manages approximately US$ 320bn in assets on behalf of the Kingdom. Saudi Arabia has also separated the industry and mining portfolios from the energy ministry in a series of recent Royal Orders.
Bandar Alkhorayef was named to head the new ministry, which will become an independent entity on 1 January 2020. Alkhorayef is an investor and private sector based industrialist.
