Saudi to restructure its oil giant Aramco - Al Arabiya News
▻http://english.alarabiya.net/en/2015/05/01
Saudi Arabia approved on Friday the restructuring of the kingdom’s oil giant Aramco, a move that will see it separated from the oil ministry, sources told Al Arabiya News Channel.
The country’s Supreme Economic Council approved the restructure plan that had been proposed by Deputy Crown Prince Mohammad bin Salman.
The restructuring comes soon after Saudi King Salman bin Abdulaziz announced a major government reshuffle.
Prince Mohammad bin Salman, also minister of defense, was appointed as the deputy crown prince earlier this week. King Salman also appointed Saudi Aramco’s chief executive Khaled Al-Falih as chairman of the state oil firm and health minister.
In a statement on Wednesday, Aramco described Falih as the outgoing CEO and president, and also as chairman of its board of directors.
The state-owned giant is a world leader in crude exports. Aramco is involved in hydrocarbons exploration, production, refining, distribution, shipping and marketing.❞