Saudis replace Aramco chair with wealth fund chief ahead of IPO
The appointment is intended to separate the ministry of energy from Aramco and avoid any conflicts of interest
02 September 2019 - 18:46
Dubai — Saudi Arabia has removed energy minister Khalid Al-Falih from his position as chair of Saudi Aramco as the government prepares to sell shares in the state-owned oil company.
Al-Falih will be replaced by Yasir Al-Rumayyan, head of the country’s sovereign wealth fund, a Saudi source said, speaking on condition of anonymity. The appointment of Al-Rumayyan, already an Aramco board member, is intended to separate the ministry of energy from Aramco and avoid any conflicts of interest as the company prepares for the upcoming initial public offering (IPO), the source said...
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