Saudi Aramco appoints new president and CEO

Nasser in May was named interim CEO of Aramco, replacing Khalid Al-Falih who became chairman and health minister

Amin al-Nasser, new president and chief executive officer of Saudi Aramco.
Amin al-Nasser, new president and chief executive officer of Saudi Aramco.

World's biggest oil producer, Saudi Aramco appointed Amin al-Nasser as its new president and chief executive officer, at the first meeting of the newly created supreme council.

The 10-member supreme council is led by Deputy Crown Prince Mohammed Bin Salman, the son of King Salman bin Abdulaziz and second in line to the throne, also approved a five-year business plan at the meeting held overnight in Jeddah, the company said in an e- mailed statement on Thursday.

Nasser in May was named interim CEO, replacing Khalid Al-Falih who became chairman and health minister.

The supreme council is restructuring the Dhahran-based company, known as Saudi Aramco, which is no longer under the oil ministry.

London- based independent analyst and former professor of economics at King Fahd University for Petroleum and Minerals in Dhahran, Mohamed Ramady, said by e-mail to Bloomberg that “More appointments are expected, since many senior vice presidents retired lately and no replacements have been announced so far.”

Saudi Aramco has the ability to pump 12 million barrels of crude a day, and is steering the Organization of Petroleum Exporting Countries (OPEC) to record production to keep market share amid a global glut.

Nasser, senior vice president for upstream until May, will become the fourth Saudi national to head Aramco since its inception in 1933, after Oil Minister Ali al-Naimi, Abdullah Jumah and Al-Falih.

Nasser became chief petroleum engineer in April 2004 and executive director of petroleum engineering and development in May 2005.

 

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